Eurohypo AG, Europe's leading commercial real estate lender, has provided £68 million (approx. 78 mln.) in financing to Rockspring for the purchase of four regionally located shopping centers.
The properties have been sold from Capital and Regional's Mall Fund and are located in Gloucester, Southampton, Romford and Falkirk.
The portfolio consists of 1,090,000 ft² (100,000 m²) of mall space let to more than 200 tenants and anchored by strong national retailers such as Asda, Matalan, Poundland, Superdrug, Argos and H&M.
This is the fifth acquisition in less than one year for the newly established Rockspring UK Value Fund. Eurohypo is the agent and sole underwriter of the facility.
Michael Acratopulo, Managing Director, Eurohypo, commented: "Having had a longstanding relationship with Rockspring in continental Europe, we are delighted to be supporting them with their latest UK acquisition. In a market which tends to be dominated by long let prime assets, this transaction demonstrates Eurohypo's appetite to fund regional assets with an active asset management story alongside a fund manager of Rockspring's ability."
Richard Bains, Fund Manager, Rockspring, added: "Eurohypo worked closely with us and our asset managers to understand the dynamics of the centres and our plans for them. Their underlying real estate knowledge and focus made this debt funding run smoothly to a successful conclusion.
Source: Madano
