pbb Deutsche Pfandbriefbank and Helaba provided a term loan facility of €67.2m to CBRE European Shopping Centre Fund II managed by CBRE Global Investors. The loan was provided to finance the acquisition of the Skanssi shopping centre in the Finnish town of Turku. The transaction closed in July 2017 and pbb also acted as the facility agent.
Skanssi shopping center has a LEED certificate and is located in the sustainable city district Skanssi. The shopping center currently comprises of ca 37,000 m² lettable area and houses ca 90 stores including a large K-Citymarket, H&M, Stadium and Clas Ohlson.
The Skanssi shopping centre is the first investment in Finland for ESCF II. Turku, which is also known under its Swedish name Åbo, is a regional capital and important business and cultural center on the southwest coast of Finland at the mouth of the Aura River.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “pbb Deutsche Pfandbriefbank is very pleased to continue its cooperation with CBRE Global Investors, this time in their first acquisi-tion for CBRE European Shopping Centre Fund II in Finland. The shopping centre is an attractively located shopping destination with a green profile. It is supposed to increase its attractiveness as the Turku region grows and the Skanssi area develops. The Nordic region remains a key strategic market for pbb.”
Michael Kröger, Head International Real Estate Finance at Helaba, said: “Helaba is happy for the opportunity to extend further its global relationship with CBRE Global Investors. As an integral part of our International Real Estate Finance, we have been active in the Nordic Markets for over a decade, including operating with a Representative Office in Stockholm now.”
Duco Mook, CBRE Global Investors, Head of Treasury and Debt Financing EMEA at CBRE Global Investors, said: “CBRE Global Investors is very pleased to have financed the first Finnish retail centre on a standalone basis. It proves the strong relationship we have with both international real estate lenders and the trust these international financial institutions have in the product and business plan of the ESCFII Fund”.