German lender pbb Deutsche Pfandbriefbank has provided a CHF 298 mln (€165 mln) loan to Great Swiss Stores for the refinancing of a Swiss retail portfolio majority-let to retail group Coop.
German lender pbb Deutsche Pfandbriefbank has provided a CHF 298 mln (€165 mln) loan to Great Swiss Stores for the refinancing of a Swiss retail portfolio majority-let to retail group Coop.
The facility includes a CHF 11 mln loan for the refurbishment of various properties.
The refinanced portfolio consists of 53 retail properties comprising a total of 113,000 m2 lettable area. The assets are located in all major regions of Switzerland.
Blue Asset Management will asset-manage the portfolio.
'We have a long-standing business relationship with the ultimate beneficial owner of this portfolio and we know the assets well,' commented Bernhard Scholz, a member of the management board at pbb Deutsche Pfandbriefbank and responsible for real estate finance. 'On a very selective basis, we see business opportunities for our bank on the Swiss market. The country's economy is on a solid growth trajectory and we are observing an increase in international investor interest.'
