pbb Deutsche Pfandbriefbank has provided a £59.51 million (approx. 70 million) facility to a special purpose company owned by Catalyst European Property Fund for the acquisition of the Stratford Shopping Centre from Land Securities Group Plc.
The transaction was signed on August 20, 2010 and funded on September 16, 2010. The 320,000-ft² (approx. 30,000-m²) Stratford Shopping Centre is located on Broadway in Stratford town center and is fully leased to some 60 prominent retailers.
The disposal includes also Morgan House, an adjoining 113,000-ft² office building and future development site.
Harin Thaker, Head of International Real Estate Finance at pbb Deutsche Pfandbriefbank said: "Catalyst is a long standing client of the bank. This deal underlines our commitment to support our clients and is an endorsement of Catalyst's skills in active management."
Ilan Goldman of Catalyst Capital LLP, Managers for the Catalyst European Property Fund added: "We are grateful for the support and continuity shown to us by PBB over the years across Europe, so it is very encouraging that our re-entry into the retail sector in Britain should be with this bank. Now we're looking forward to getting to work in Stratford."
It is worth noting that this is the first purchase of the Catalyst European Property Fund in over two years, and reportedly the Fund is also active for similar purchases in France, Germany, Poland and Italy.
Source: Deutsche Pfandbriefbank AG