German lender pbb Deutsche Pfandbriefbank has provided financing for investor Meyer Bergman's acquisition of a factory outlet centre in Prague.
German lender pbb Deutsche Pfandbriefbank has provided financing for investor Meyer Bergman's acquisition of a factory outlet centre in Prague.
The €39 mln medium-term acquisition facility will be used by a European property fund managed by Meyer Bergman to acquire Prague Fashion Arena in the Czech Republic.
Meyer Bergman announced the €71.5 mln acquisition in February 2014. Te financing - at 54% loan-to-value - was secured in April.
The Fashion Arena Outlet Center was sold by Danish developer TK Development, which developed it in two phases between 2007 and 2010. Located in the Sterboholy area of Prague, Prague Fashion Arena is the only factory outlet center in the capital of the Czech Republic, and comprises 109 retail stores on
more than 25,000 m2 of net lettable area.
The asset is leased to a number of International brands, including the likes of Nike, Adidas, Tommy Hilfiger, Lacoste, Mango, Mexx, Gant and Levis.
Charles Balch, head of real estate finance international, UK & CEE at pbb Deutsche Pfandbriefbank, said: 'The Czech Republic, and Prague in particular, is a strong investment market within the CEE region. A number of transactions have already taken place this year, or are under way. pbb Deutsche Pfandbriefbank is pleased to support Meyer Bergman and their partners in this acquisition, and we are looking forward to working with them across a number of European markets where we are both active.'
Want to hear from experts about the latest developments and opportunities in CEE? PropertyEU is holding a CEE Investment Briefing in London on 8 May, and a at ReDI - the CEE Trade Fair for Retail Investment - on 28 May.
