Starz Real Estate has provided a €93.5 mln senior facility to Brookfield to support the refinancing of the SI-Centrum complex in Stuttgart.
The asset is mixed-use entertainment centre located in Stuttgart Germany, comprised of two musical theatres, a four-star hotel, serviced apartments, 1,200 parking spaces, a casino, a cinema, spa, 320 apartments and several food and beverage outlets.
Brookfield acquired the asset in 2018 and has since leased up the asset to near full occupancy and successfully re-geared leases with the key tenants in the property.
The sponsor, together with tenants, have planned several measures over the term of the loan to keep improving visitor experience. The asset is a major hub for musical theatres in Germany and attracts over 2 million visitors annually.
This transaction represents the second transaction between Starz and Brookfield following the €31.1 mln refinancing of a 732-bed PBSA scheme in Porto, Portugal in January 2022.
Rohit Srivastava, managing director at Brookfield, said: 'It has been a good partnership with Starz on the refinancing initiative of SI-Centrum. Working together, they understood our vision for the estate and provided an optimal financing solution.'
Limor Shilo, head of origination at Starz Real Estate, said: 'We are pleased to support Brookfield in the refinance of SI-Centrum, a strong leisure asset that Brookfield have successfully managed since acquisition and has shown a strong recovery from the Covid-19 pandemic.'
Brookfield was advised by Freshfields, and Starz by Eversheds Sutherland. CBRE provided valuation services and Mellum Capital as broker.
