pbb Deutsche Pfandbriefbank provided a facility of €68 million to ECE. pbb acted as arranger and sole lender under the facility.
The facility is provided for the refinancing of the Arkad Szeged Shopping Center in Szeged, the largest city in Southern Hungary and the third largest nationally. Arkad Szeged is the dominant shopping center of the region with excellent accessibility and a large catchment area. The asset was built in 2011, offers a gross lettable area of over 42,000 sqm and is fully let to a well spread tenant mix. Anchor tenants include Media Markt, Interspar, C&A, New Yorker and Zara.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: “We are very pleased to support ECE again in CEE on this landmark building in Hungary. The deal underlines our continued strong interest in the CEE real estate markets.”