pbb Deutsche Pfandbriefbank has provided a € 67 mln medium-term acquisition facility to TIAA Henderson Real Estate’s European Outlet Mall Fund for the refinancing of Designer Outlet Berlin.
pbb Deutsche Pfandbriefbank has provided a € 67 mln medium-term acquisition facility to TIAA Henderson Real Estate’s European Outlet Mall Fund for the refinancing of Designer Outlet Berlin.
The pbb refinancing comes shortly after the term of the €1.5 bn European Outlet Mall Fund was extended by ten years. The fund owns eight outlet mall assets across Europe, in addition to its indirect holding in three UK outlet mall assets. pbb is acting as sole lender and hedge provider for this facility. The transaction closed in June 2014.
Designer Outlet Berlin, located in the Berlin Brandenburg region on the western edge of Berlin, was acquired in two stages in 2006 and 2008.The entire site was then redeveloped, with the latest phase opening in 2010. The centre totals 21,000 m2 of gross lettable area across 90 retail units and is anchored by Hugo Boss, Joop!, Strellson, Nike, Tommy Hilfiger and Adidas.
