pbb Deutsche Pfandbriefbank announces the completion of the £27.4 million (approx. 32.8 million) financing to support the acquisition of the Treaty Shopping Centre in Hounslow, London for affiliates of AG Core Plus Realty Fund III LP and Quidnet Capital Partners LLP.
The fund is sponsored by Angelo, Gordon and Co. LP and the asset will be managed by Quidnet Capital Partners. The financing is split into a £24.4 million acquisition facility together with a £3.0 million capex line to support the borrower's asset management initiatives. The transaction closed in December 2011. pbb Deutsche Pfandbriefbank acted as Arranger, Agent and Sole Lender on the facility.
The Treaty Shopping Centre was developed in the late 1980s on a rectangular site with two mall entrances to the High Street in Hounslow in London. The scheme is the principal retail offer in Hounslow and is anchored by a three story Debenhams department store and a Wilkinson's store. There are a further 50 retail units in the center together with a 700 space multi-story car park.
Harin Thaker, Head of Real Estate Finance International, pbb Deutsche Pfandbriefbank commented: "We are delighted to have been able to support both Angelo, Gordon & Co LP and Quidnet Capital Partners in their acquisition of the Treaty Centre. The center is well-let and the sponsors have exciting plans to further improve it in the coming months."
Source: pbb Deutsche Pfandbriefbank