BayernLB (Bayerische Landesbank) and pbb Deutsche Pfandbriefbank announce the completion of the £140-million (approx. 166-million) financing of the Southside Shopping Centre for the Metro Shopping Fund LP (a joint venture between clients of Delancey and Land Securities PLC). The transaction closed on December 9, 2011.
BayernLB and pbb Deutsche Pfandbriefbank acted as Joint Arrangers. BayernLB is the Agent to the facilities and each lender is providing an equal share of the transaction.
The facilities are structured as an initial investment facility with additional facilities which will be available following the completion of the development of a number of additional units at the center.
The Southside Shopping Centre is located in southwest London's affluent Wandsworth area adjacent to the A3, and currently comprises 530,000 ft² (approx. 49,000 m²) of net lettable space with high profile tenants including Waitrose, Gap, Top Shop, H&M, Primark, TK Maxx, New Look, Republic and Costa Coffee.
The center also boasts a 14-screen Multiplex cinema, a health club and parking for 1,200 cars, leased to NCP. The center has planning permission granted for the 33,000-ft² development of a vacant site on Garratt Lane, creating six new restaurant & retail units.
Harin Thaker, Head of Real Estate Finance International, pbb Deutsche Pfandbriefbank commented: "We are delighted to have been able to support the Metro Shopping Fund and its sponsors Delancey and Land Securities with this flexible financing solution which accommodates the sponsors' plans to extend the center.
"Delancey and Land Securities are core customers of the bank and we are pleased to have worked with them on this transaction together with the refinancing of the Shopstop in Clapham, the other asset owned by the Fund."
Mike Worley, Head of Real Estate Finance, BayernLB London Branch added: "We are very pleased to have provided the loan facility for this Joint Venture which has such well-regarded partners. Southside is an excellent and well managed shopping center with exciting future potential as a result of the extension development plans."
pbb Deutsche Pfandbriefbank has also announced the completion of the £31.2-million financing (approx. 37-million) of the Shopstop Shopping Centre at Clapham Junction for the Metro Shopping Fund LP. The transaction also closed on December 9, 2011.
pbb Deutsche Pfandbriefbank acted as Arranger, Agent and Sole Lender on the facility.
Shopstop at Clapham Junction is the retail offer at Clapham Junction railway station, providing a convenience-led retail offering including M&S Simply Food, Paperchase, Monsoon and Joy. It also comprises a health and fitness club, bars and 20,000 ft² of office space. The property is fully let and generates the highest zone-A rate in the Clapham Junction area.
Source: pbb Deutsche Pfandbriefbank