Hypo Real Estate Bank International AG and Hypo Real Estate Bank AG, members of the Hypo Real Estate Group, have provided an approx. 124 mln. acquisition facility to Babcock & Brown Group for the acquisition of a portfolio of 6 retail assets in Austria and Eastern Europe.
Babcock & Brown initially agreed to acquire a portfolio of 10 assets fromAustrian real estate developer MID Group, before selling 4 assets onto Dawnay, Day Carpathian PLC prior to closing. The 124 mln. facility has therefore been provided to finance the acquisition of the 6 remaining assets located in Austria, Hungary and Slovenia, consisting of supermarkets, retail warehouses and shopping centres mostly in prime locations. The global letting area is around 90.000 m² and the properties are predominantly let to major international brand retailers. Commenting, Frank Lamby, Member of the Board of Hypo Real Estate Group, said: "We are delighted to be working with Babcock & Brown again to provide them with a complex, multi regional acquisition facility that supports their activities in Central and Eastern Europe."
Source: Hypo Real Estate Group