Thursday, 5 February 2015
Düsseldorfer Hypothekenbank refinances Resolution Property's Rosada Fashion Outlet (NL)
Resolution Property has successfully refinanced its Rosada Fashion Outlet in Roosendaal, Netherlands, and has commenced the development of an 8,000 m² extension to the project. This follows strong year-on-year growth in sales and footfall and continued letting activity.
Düsseldorfer Hypothekenbank AG, a German Pfandbriefbank, has provided senior debt financing of €40 million for the Rosada Fashion Outlet as a standing investment and also for development of the Phase II extension.
Düsseldorfer Hypothekenbank AG sees the Netherlands as one of its core markets in the commercial real estate financing business. Dr. Christian von Villiez, Spokesman of the bank’s Management Board said: “We are convinced about the Rosada Fashion Outlet scheme. With a robust business plan prepared and executed by an experienced team of real estate and outlet center specialists, we are pleased to provide the debt financing for this scheme. Its strong cash-flow producing capacity gave us comfort to contribute to further strengthening its position in the outlet market.”
Michel Nangia at Resolution Property said: “Düsseldorfer Hypothekenbank AG’s support for our Rosada asset is a great endorsement of the center’s performance to date and its future growth potential. Strong management, supported by depth of experience and the latest analytics technology, have enabled Resolution and Stable International to position Rosada as one of Europe’s leading outlet centers.”
CBRE Debt & Structured Finance’s Amsterdam and London teams advised Resolution on the financing with Düsseldorfer Hypothekenbank.
Source: Düsseldorfer Hypothekenbank