Hypo Real Estate Bank International AG has provided 51.4 million of acquisition finance to APN/UKA's European Retail Trust (ASX Code: AEZ & AEZCA). The facility will be used to purchase GCH Manhattan SA, the owner of the Manhattan Shopping Centre in the Wrzeszcz District of Gdansk, Poland. The transaction closed on 4 October 2006.
The Manhattan Shopping Centre, which opened in March 2004, has 17,584 m² of retail space, 4,600 m² of offices and approximately 515 underground parking spaces. The center is 95% let to over 140 tenants with anchor tenants including Albert Supermarket (grocery) and Hennes & Mauritz (fashion).
The APN/UKA European Retail Trust, a 50:50 JV of UK Australasia and APN, is the only Australian investment trust currently investing exclusively in European retail property. The trust's portfolio (size approx. 735 m) currently comprises assets in Spain, Germany, Greece, Italy, Austria and Poland.
Commenting, Harin Thaker, CEO Europe - Hypo Real Estate Bank International AG, said: "With this transaction we have demonstrated our ability to utilise local market knowledge to help our clients invest in different markets across Europe. It is the first transaction we have completed with The APN/UKA European Retail Trust and we hope to work with the Trust again as it develops its European retail portfolio."
Source: Hypo Real Estate