TIAA Henderson Real Estate (TH Real Estate) has secured a new €54.7 mln debt facility from pbb Deutsche Pfandbriefbank on behalf of its European Outlet Mall Fund.
TIAA Henderson Real Estate (TH Real Estate) has secured a new €54.7 mln debt facility from pbb Deutsche Pfandbriefbank on behalf of its European Outlet Mall Fund.
The debt has been secured against phases one and two of Designer Outlet Parndorf in Austria.
The loan enables the fund to undertake asset management at the property and work towards the development of a new phase at the scheme, which is expected to open in 2016. The deal is competitively priced, reflecting a conservative loan to value on the Austrian asset, TH Real Estate said.
The refinancing comes shortly after the 10-year extension of the €1.5 bn European Outlet Mall Fund, which owns eight outlet mall assets across Europe, in addition to its indirect holding in three UK outlet mall assets.
Designer Outlet Parndorf is located 30 minutes from the centre of Vienna and 25 minutes from Bratislava. The centre hosts designer stores including Armani, Gucci, Polo Ralph Lauren and Michael Kors.
