Pbb Deutsche Pfandbriefbank has provided a funding facility to the joint venture between UK investor Delancey and Dutch pension asset manager APG for the earlier acquisition of the Elephant & Castle Shopping Centre in London.
Pbb Deutsche Pfandbriefbank has provided a funding facility to the joint venture between UK investor Delancey and Dutch pension asset manager APG for the earlier acquisition of the Elephant & Castle Shopping Centre in London.
The funding volume comes to £40 mln (€49 mln), reflecting a 50% loan-to-value ratio on the acquisition price.
Delancey and APG completed the acquisition of the Elephant & Castle shopping centre from a joint venture between St Modwen and Salhia Real Estate for £80 mln in December 2013.