Valad Europe has completed a €310 mln refinancing of its Valad Polish Retail Fund through three new loan facilities.
Valad Europe has completed a €310 mln refinancing of its Valad Polish Retail Fund through three new loan facilities.
The fund has refinanced seven of the nine assets under a €169 mln loan facility provided by a consortium including ING Bank Slaski, which also acted as arranger, Alior Bank, Bank Zachodni WBK, Skandinaviska Enskilda Banken and Bank Millennium.
The portfolio consists of seven assets located in the main Polish cities and anchored by Real hypermarkets. They are part of the nine-asset fund acquired by Valad from GE Real Estate in February 2013. Allen & Overy advised Valad whilst Linklaters advised the banks.
Centrum Janki shopping centre in Warsaw, which is about to undergo a €60 mln redevelopment, was refinanced under a €75 mln loan facility provided by Berlin Hyp.
The Ursynow shopping centre in Warsaw was refinanced under a €66 mln loan facility provided by ING and BZ WBK.
The Valad Polish Retail Fund is a closed-end fund comprising six first-generation shopping centres and three hypermarkets totalling 300,000 m2, located in seven of Poland's key cities including Warsaw, Kraków and Wroclaw.
Valad Europe manages €4 bn of assets in Europe across its funds and mandates, comprising 550 assets and 4,700 tenants, with the retail sector representing more than 20% of Valad Europe's total assets under management.
