pbb Deutsche Pfandbriefbank has provided an approx. 22 million facility (14.6 million acquisition facility and related VAT facilities of 7.15 million) to the Pradera Central & Eastern Fund supporting the acquisition of a shopping center in Gdansk (Poland). The transaction was signed on April 29, 2011. Completion is scheduled to occur in the course of May 2011.
The shopping center, Galeria Osowa, is well leased and showing strong performance. It comprises 69 retail units on approx. 13,500 m² GLA and is anchored by a Real hypermarket. This is the fourth Polish retail property acquired by Pradera's Central & Eastern Fund, Pradera's specialized CEE fund.
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "This is our second transaction with Pradera in Poland within a short time and we are looking forward to continuing working with them across Europe, including Poland, for the various funds they have under their management."
Source: pbb Deutsche Pfandbriefbank