TIAA Henderson Real Estate (TH Real Estate) has secured a new €67 mln loan against Designer Outlet Berlin from pbb Deutsche Pfandbriefbank.
TIAA Henderson Real Estate (TH Real Estate) has secured a new €67 mln loan against Designer Outlet Berlin from pbb Deutsche Pfandbriefbank.
The five-year facility will be used to refinance existing debt and release additional funds for asset management purposes. It was secured at an all-in cost of debt of around 2.3%.
The refinancing comes shortly after the 10-year extension of the €1.5 bn flagship 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 Berlin comprises around 21,000 m2 of GLA across 90 retail units and is located in the Brandenburg region on the western edge of Berlin. It was acquired in two stages in 2006 and 2008 when the entire site was redeveloped, with the latest phase opening in 2010.