ING Real Estate Investment Management has secured a new 80 million debt financing from German Landesbank Hessen-Thueringen (Helaba). The long-term financing covers refinancing of existing loans and the recent extension of the Nisa Shopping Center in Liberec, Northern Bohemia, owned by ING Property Fund Central Europe LP.
The financing from Helaba concerns partly the original Nisa shopping center with its 50,000 m² and partly the new self-standing building for the Sconto nábytek, a subsidiary to the European wide furniture seller Höffner, located next to the shopping center. The total GLA of both the properties exceeds 60,000 m².
Since the refurbishment and extension, which was completed in autumn 2009, Nisa now offers more than 60,000 m² of lettable area. With a mix of leading fashion and consumer brands, as well as providing for all daily shopping needs, Nisa now represents the leading choice in retail to consumers in the Liberec area. The new financing contributes to the strong track-record of ING in the Czech Republic and confirms its long-term commitment to the region.
Helaba acted as sole arranger and lender and through the origination unit Northern and Central Europe. Since the start of its activities in Northern and Central Europe in 2006, Helaba has provided more than 3.1 billion in funding, focusing on acquisition and structured financings for international investors and investment funds.
Source: Melzer PR