German lenders pbb Deutsche Pfandbriefbank and Helaba have provided a term loan facility of €67.2 mln to the CBRE European Shopping Centre Fund II (ESCF II), managed by CBRE Global Investors, to finance the fund's debut purchase in Finland.
The loan was provided to finance the acquisition of the Skanssi shopping centre in the town of Turku. The transaction closed in July 2017 and pbb also acted as the facility agent.
'pbb Deutsche Pfandbriefbank is very pleased to continue its cooperation with CBRE Global Investors, this time in their first acquisition for CBRE European Shopping Centre Fund II in Finland,' said Norbert Müller, head of real estate finance Continental Europe West at pbb Deutsche Pfandbriefbank.
'The shopping centre is an attractively located shopping destination with a green profile. It is supposed to increase its attractiveness as the Turku region grows and the Skanssi area develops. The Nordic region remains a key strategic market for pbb.'
The 37,000 m2, LEED-certified centre has around 90 stores, with tenants including K-Citymarket, H&M, Stadium and Clas Ohlson.
'Helaba is happy for the opportunity to extend further its global relationship with CBRE Global Investors. As an integral part of our International Real Estate Finance, we have been active in the Nordic markets for over a decade, including operating with a representative office in Stockholm now,' said Michael Kröger, head international real estate finance at Helaba.
'CBRE Global Investors is very pleased to have financed the first Finnish retail centre on a standalone basis. It proves the strong relationship we have with both international real estate lenders and the trust these international financial institutions have in the product and business plan of the ESCFII Fund,' concluded Duco Mook, head of treasury and debt financing EMEA at CBRE Global Investors.
