Pbb provides EUR 94m facility to Metric

German lender pbb Deutsche Pfandbriefbank has provided a £75 mln (EUR 94 mln) facility to the Metric Income Plus Partnership (MIPP).

MIPP is the joint venture created in November 2011 between UK Retail REIT Metric Property Investments PLC (Metric) and pension fund Universities Superannuation Scheme (USS).

The loan will allow MIPP to refinance assets that have already been acquired and to purchase additional properties.

MIPP targets out-of-town retail parks ranging in value between £2 and £20 mln with net initial yields in excess of 7%. Added to the £75 mln equity commitment of USS and Metric, pbb’s facility brings the total investment capacity of MIPP to £150 mln.

The joint venture has already invested £75 mln on eight properties.