Pbb Deutsche Pfandbriefbank and Caisse d’Epargne Nord France Europe (Cenfe) have jointly financed the acquisition of a new shopping gallery in France with a €27 mln loan.
Pbb Deutsche Pfandbriefbank and Caisse d’Epargne Nord France Europe (Cenfe) have jointly financed the acquisition of a new shopping gallery in France with a €27 mln loan.
The asset was bought from AEW Europe by the PREIM Retail 1 OPCI investment fund, managed by French asset manager Primonial REIM.
It consists of a large retail gallery with 53 shops over 8,000 m2 and a retail park in Gonfreville l’Orcher in a suburb of Le Havre.
The new loan comes on top of an existing €46.6 mln facility granted in August 2012 for the acquisition of a portfolio of 10 shopping galleries totalling 64,080 m2 spread across France.
Pbb acted as mandated lead arranger and is the security and facility agent. The transaction closed in November 2013.
'This transaction reflects pbb’s intention to increase its funding for carefully selected retail property assets in the French regions,' commented Norbert Müller, head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank.
