- SEK 287 million term and capex loan facility provided towards the acquisition and development of a retail park in Malmö, Sweden
Munich/Stockholm, 18 August 2017 – pbb Deutsche Pfandbriefbank has provided a term and capex loan facility of SEK 287 million to affiliates of the Standard Life Investments European Real Estate Club III (Euro Club III). The loan was provided to finance the acquisition of the Stora Bernstorp retail park and to enable the devel-opment of a new Bauhaus DIY store. The transaction closed in May 2017.
The retail park currently comprises of 37,000 m² lettable area and will be extended to approximately 45,000 m² upon completion of the new Bauhaus store. The Bau-haus store itself will have a 17,200 m² area and will be one of the brand’s larger stores in the Nordics. Bauhaus has signed a 15 year lease contract for the premises.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “pbb Deutsche Pfandbriefbank is very pleased to continue its cooperation with Standard Life Investments, this time in their acquisi-tion and development of the Bernstorp retail park. The retail park is an attractively located shopping destination which will become even stronger with the addition of a new Bauhaus DIY store. The Nordic region remains a key strategic market for pbb.”
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com