Scottish Widows Investment Partnership (SWIP) has refinanced the City-Point shopping centre in the German city of Braunschweig with a loan from HypoVereinsbank.
Scottish Widows Investment Partnership (SWIP) has refinanced the City-Point shopping centre in the German city of Braunschweig with a loan from HypoVereinsbank.
The €25.5 mln credit facility was secured on behalf of the SWIP European Balanced Property Fund (EBPF), which owns the shopping centre.
SWIP EBPF was represented by Jones Lang LaSalle Corporate Finance.
The financing agreement follows the announcement that SWIP will refurbish the shopping centre to accommodate retailer Primark in an anchor-tenant deal. Primark has signed a new 15-year lease to occupy 8,000 m2 of the property.
Construction work has already started and Primark is expected to open in early 2015 which will represent a major turnaround for the property.
SWIP is one of the UK and Europe’s largest fund managers with £145.7 bn of funds under management at 30 September 2013.