pbb Deutsche Pfandbriefbank provides €24.3-mln. facility to the Pradera Open-Ended Retail Fund (DE/PL)

pbb Deutsche Pfandbriefbank has provided a €16.7 million acquisition facility and related VAT facilities of €7.6 million to the Pradera Open-Ended Retail Fund supporting the acquisition of two shopping centers in Lodz and Torun (Poland). The transaction was closed on March 3, 2011.

The two shopping centers, Galeria Tulipan in Lodz and Galeria Kometa in Torun, are both well leased and showing strong performance. They constitute the first Polish acquisitions for Pradera's Open-Ended Retail Fund and pbb's first financing for Pradera in Poland. Tulipan comprises 59 retail units on approx. 9,600 m² GLA, whereas Kometa has 19 units on approx. 2,000 m² GLA. Both are anchored by Real hypermarkets.

Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "This is our first transaction with Pradera in CEE, and we are looking forward to continue working with them across Europe, including Poland, for the various funds they have under management."

Source: pbb Deutsche Pfandbriefbank

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