CA Immo’s sale of its entire Romanian portfolio for €370 mln was the standout transaction in an otherwise slow week for investment.
Along with the seven office buildings in Bucharest, the buyers, the Paval brothers, also took over the Romanian CA Immo team. CBRE acted as financial and real estate advisor.
CA Immo will now focus on offices in gateway cities in Germany, Austria, and elsewhere in Central Europe.
Merlin Properties moved on to balance sheet management after its sale of the BBVA bank branch portfolio earlier this year.
The Socimi signed a five-year syndicated green loan for €600 mln with five banks –BBVA, BNP Paribas, Caixabank, Crédit Agricole and Société Générale, plus a bilateral loan with Banco Sabadell for five years of €60 mln.
As well as improving liquidity, the finance enables Merlin to meet the repayment of all its debt maturities due up to 2027 and extends the average life of its debt from 5.2 to 6.1 years. The blended price was 126 bps over the swap.
US JV investors Magnetar Capital and Northdale Asset Management continue to pursue secondary UK retail. They financed Yate Retail Shopping Centre and Riverside Retail Park, near Bristol, while they bought Corby town centre and One Stop Shopping in Birmingham.
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