CEE real estate developer Hauser-Oberschneider and its joint venture partner Satnam Europe have reached an agreement with Swedbank for a new EUR 50 mln facility for its Estonian property portfolio. It is the largest retail refinancing in the Baltic region to date.
CEE real estate developer Hauser-Oberschneider and its joint venture partner Satnam Europe have reached an agreement with Swedbank for a new EUR 50 mln facility for its Estonian property portfolio. It is the largest retail refinancing in the Baltic region to date.
The refinancing comes one month after the joint venture opened a 19,500 m2 retail property built for German home and garden chain Bauhaus. The store is Bauhaus' first site in the Baltic region, and the largest DIY store in Estonia.
'Oberschneider and Satnam Europe are Swedbank's long time business partners and we are pleased to continue the relationship in the coming years. The financing of the new Bauhaus store shows again that when there is trust between the partners and a good business idea, banks are willing to finance new projects,' said Ero Viik, head of Swedbank's real estate department.
The joint venture is developing six city centre retail sites totalling 75,000 m2, with a value of over EUR 100 mln. Hypermarket anchors in the portfolio include Scandinavian heavyweights Rimi and Prisma.
Satnam Europe is a private real estate developer and investor active in the Baltics, mainland Europe, UK and South Africa.
Founded in 1993, Häuser-Oberschneider is a property development and investment company headed by its founder and CEO Paul Oberschneider.
