Allianz Real Estate further expands its commercial real estate finance business. On behalf of various Allianz companies it provided a loan facility of €133.6 million secured against Marineda Shopping Center in La Coruna, Spain.
The transaction is executed with Merlin Properties, one of the largest real estate companies listed on the Spanish Stock Exchange, specializing in the acquisition and management of commercial real estate assets in the Iberian region.
Its wholly owned subsidiary Merlin Retail Socimi, S.L., is the owner of Marineda Shopping Center.
Marineda is the leading shopping center in Galicia and the second largest in Spain. Having opened in 2011 as part of the “Marineda City” shopping and leisure complex, the entire complex has a gross leasable area of approx. 196,000 m² and 6,000 parking spaces. The complex received 15.1 million visitors in 2014, representing a 15% increase over 2013.
“The financing of Marineda is our first transaction in Spain and a further step in our strategy to expand our lending business in Europe”, says Helmut Mühlhofer, Head of Debt and Capital Markets of Allianz Real Estate. “It also shows that the Spanish real estate market is becoming increasingly interesting for institutional investors like Allianz.”
Source: Allianz Real Estate