Hypo Real Estate Bank International AG, a member of Hypo Real Estate Group, has provided SEK 383 million (ca €41 mln) of finance as a partial equity bridge and senior term loan, to a Special Purpose Company controlled by Cordea Savills LLP. The facility will be used to purchase a company that owns the Solbacken Retail Park, Skellefteå, Sweden. The transaction completed on 22 May 2007.
Solbacken Retail Park is retail warehouse park located in Skelleftea, Northern Sweden. Two phases of the development, totalling over 22,000 m² of space have been completed and a third phase of 6,000 m² is due to be completed in late 2007.
Cordea Savills is a European property fund manager with a range of commercial and residential funds investing in the UK and mainland Europe. The parent company of the Cordea Savills group is Cordea Savills LLP, an independent entity owned by Savills plc and the management team.
Commenting, Harin Thaker, CEO Europe Hypo Real Estate Bank International, said, "The combination of bridge equity and senior term debt that we have provided for this corporate acquisition, exemplifies the expertise that is available to our customers within Hypo Real Estate Bank international."
Source: Hypo Real Estate