Aareal Bank AG arranged a €160 million financing for La Sociedad General Inmobiliaria (LSGI), one of the major shopping center investors and developers in Spain and with investments in several other European countries.
The financing is granted for the Plaza Norte 2 shopping center in Madrid, of which Aareal Bank provided €106.7 million and a local bank €53.3 million. Aareal Bank is acting as Arranger and Agent of the facility.
The regional prime shopping center Plaza Norte 2 was inaugurated in 2004 and comprises approx. 45,000 m² of gross leasable area distributed in more than 200 retail units, in which major national and international retailers can be found. Plaza Norte 2 is part of the Megapark Retail Park, located in the north of the city, one of the largest retail destinations in the Madrid metropolitan area.
"We are delighted to strengthen our existing lending relationship with LSGI through this deal. Due to the close cooperation among all partners, this significant and complex transaction was closed in a very short period of time", said Rüdiger Staab, General Manager of Aareal Bank's Madrid representative office.
Source: Aareal Bank