Pbb Deutsche Pfandbriefbank has agreed a €55.8 mln medium-term refinancing and construction facility for a fund managed by Resolution Property.
Pbb Deutsche Pfandbriefbank has agreed a €55.8 mln medium-term refinancing and construction facility for a fund managed by Resolution Property.
The proceeds will be used to refinance existing debt on Galeria Pomorska, a shopping centre in Bydgoszcz, Poland, and to provide funding for a proposed extension.
The fund, Resolution Real Estate Fund III, bought the shopping centre in 2010.
Galeria Pomorska consists of 30,000 m2 of gross lettable area and Resolution is now planning to extend it by a further 9,500 m2. The centre is anchored by a hypermarket owned separately by Carrefour, and is well leased to a mix of international and local retailers. The extension is also being pre-let to a similar tenant mix.
