Brunswick Real Estate and Allianz Real Estate have signed a €150m (SEK1,56bn) credit facility to finance investment grade rated Atrium Ljungberg, one of Sweden´s biggest listed property companies. The loan is backed by Granbystaden Galleria. The asset, which is located in Uppsala, comprises over 70 shops and has c. 7 million visitors per year.
Martin Lindqvist, CFO at Atrium Ljungberg, said: “As part of our work to widen our financing base and at the same time gain access to longer-term capital commitment, we have chosen to sign a loan with a maturity of approximately ten years. This is a good complement to the bank financing we already have in place and it gives us access to a longer capital commitment than the banks can normally offer."
Aksel Lundquist, Fund Manager at Brunswick Real Estate, said: “We appreciate Atrium Ljungberg’s professional asset management skills and long-term investment horizon. Granby Centrum is one of the best performing shopping centres in Sweden and we are pleased to assist Atrium Ljungberg in the continued development of Granbystaden as a city district where people want to be today and tomorrow.”
Louise Richnau, Partner at Brunswick Real Estate, said: “We see increased interest from borrowers for unlevered, long-term institutional capital. Dealflow since the final close of BREC II in June this year has been exceptional. With increased commitments and a wider scope, we can provide even better diversification and loan selection for our investors.”