Valad Europe has completed a €133 mln refinancing with German lender Landesbank Hessen-Thüringen Girozentrale (Helaba) secured against six Polish shopping centres.
The refinancing of the Valad Polish Retail Fund follows the completion last year of a number of refurbishment schemes and the sale of the Krokus Shopping Centre in Kraków, as well as the letting of 170,000 m2 of asets to Auchan and Schiever Polska.
The loan is secured against six assets in Poland: Korona Shopping Centre, Wroclaw; Tulipan Shopping Centre, Lodz; Ster Shopping Centre, Szczecin; Rondo Shopping Centre, Bydgoszcz; Kings Cross Praga Shopping Centre, Warsaw; and Kometa Shopping Centre, Torun.
Thierry Leleu, Valad Europe’s Head of Funds Management, said: 'We are delighted to continue our relationship with Helaba and are pleased that they have confidence, not only in the assets, but also in Valad Europe’s ability to manage them effectively.'
The Valad Polish Retail Fund is a closed-end fund comprising six first generation shopping centres and two hypermarkets totalling around 250,000 m2.
Valad Europe manages €4.7 bn of real estate assets and investment capacity across 24 funds and mandates in Europe. Within Central Europe Valad manages approximately €870 mln of assets compromising 985,000 m2 of space across Poland, Czech Republic, Hungary and Romania.
