BayernLB, Deka Bank and Kreissparkasse Munich Starnberg Ebersberg have jointly financed the Pep shopping centre in Munich, with BayernLB acting as consortium leader.
The retail-led asset, which is held in 50/50 joint venture by Generali Real Estate and ECE Real Estate Partners, was acquired from Nuveen Real Estate in March of this year.
According to the consortium, the Pep shopping centre has a dominant market position and is consdered one of the top five shopping destinations in Germany.
Located in the dynamic Neuperlach district of Munich, Pep comprises a commercial area of around 70,000 m².
Pep generates more than €250 mln in annual turnover according to the owners. The shopping centre was modernised and expanded between 2016 and 2018 and currently benefits from around 12 million visitors a year.
Dirk Mattner, senior account manager at BayernLB, said: 'We are very proud to be financing one of the best shopping centres in the shape of the Pep shopping centre in Germany.
'With this funding, we have once again proved that with the right partners, complex financing structures are possible even in challenging times. Thanks to everyone involved for the constructive cooperation.'
The banking consortium was advised by Hogan Lovells International.
