Aareal Bank, together with Allianz Real Estate and Landesbank Hessen-Thüringen ('Helaba'), provided a loan facility of 650 million secured against 'CentrO' in Oberhausen, one of Germany's biggest shopping centers.
The financing was provided to a joint venture between the Stadium Group and the Canadian Pension Plan Investment Board who jointly own 'CentrO', which is currently valued at approximately 1.3 billion.
Allianz Real Estate acted as Agent and Asset Manager on behalf of the Allianz Entities. It is the first time that the company has directly extended commercial property financing in cooperation with a syndicate of banks. Allianz provided 325 million of the overall facility. The cooperation between parties was excellent, which resulted in swift execution of the transaction.
Experienced sector specialists Aareal Bank and Helaba each provided 162.5 million. Aareal Bank acted as Facility Agent, Helaba as Security Agent and Co-Agent. Barclays and Santander acted as Arrangers for the landmark 650 million financing with Barclays acting as coordinator for the structuring. CMS Hasche Sigle acted as legal counsel for the lenders. Orrick Hölters & Elsing acted as legal counsel for the owner.
'CentrO' is located in Oberhausen, in the heart of one of the largest conurbations in Western Europe (the 'Ruhrgebiet') with a core catchment of approximately 12 million people within a 60 minute drive. 'CentrO' provides for both shopping and leisure activities on approximately 160,000 m² of lettable area, which is being extended by a further 17,000 m².
Peek & Cloppenburg, one of the largest high end fashion retailers, will anchor the new extension, which will open at the end of September 2012.
This makes CentrO one of the largest shopping and leisure destinations in Germany, boasting the highest annual sales revenue. As such it is also amongst the top properties of its kind in Europe, housing more than 200 retailers (including top international brands such as Apple, Hollister, Gilly Hicks, Desigual, H&M and Zara) in addition to 22 bars and restaurants, a 12,000 seat arena, a cinema, a family leisure park and commercial premises.
Source: Aareal Bank