Pradera, the leading retail real estate asset, investment and fund management specialist, is pleased to announce the debt refinancing of its pan-European retail park investment vehicle, Pradera European Retail Parks SCSp (the “Partnership”).
The Partnership was established in 2017 to acquire retail parks situated adjacent to IKEA stores in 18 locations in Germany, France, Poland and Czech Republic. The original acquisition was financed with a mixture of capital from third party investors and five-year loan facilities, due to expire in May 2022.
The Partnership has secured a new EUR360 million senior loan facility from Aareal Bank and has raised EUR35 million of additional commitments, almost exclusively from existing investors, reaching the hard cap for the issue. The new funds have allowed the Partnership to repay, in full, the original loans financing 17 of the Partnership’s assets in Germany, France and Poland. The Partnership’s single asset in Czech Republic is separately financed.
Andrew Payne, Director, Funds at Pradera commented: “we are delighted to have secured the EUR360 million loan from Aareal Bank and to have received such strong support from the Partnership’s existing investors. The Partnership’s portfolio has recovered quickly as restrictions to limit the spread of the pandemic have been lifted across Europe. After a challenging period for retail investment, we see increasing investor and lender appetite for assets that offer reliable, diversified income, as evidenced by the refinancing of the Partnership’s loans.”
Source: pradera.com on the 19th of April 2022
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