pbb Deutsche Pfandbriefbank has provided a 80 million loan for Value Retail to support the refinancing of La Roca Village, Barcelona.
pbb Deutsche Pfandbriefbank acted as Arranger, Agent and Sole Lender on this senior facility. The transaction closed in February 2012. Pramerica joined the financing package and acted as Junior loan provider for an additional 40 million.
La Roca Village, one of the Chic Outlet Shopping® Villages, is located around 40 minutes from Barcelona and offers an exclusive luxury outlet shopping experience.
The center has attracted outlet shoppers for more than 14 years. The management confirms that the center has consistently achieved a double-digit yield increase nearly every year since its opening in mid-1998.
Value Retail is the developer and operator of the nine Chic Outlet Shopping® Villages in Europe. The company is the leading developer/operator of luxury outlet shopping villages.
Scott Malkin, Chairman of Value Retail, commented: "We are delighted that, despite a complex lending market for real estate in Spain, Value Retail has secured support for refinancing from leading international lending institutions.
"This is a well-deserved vote of confidence in La Roca Village's prominence as an unrivalled tourist destination which continues to show very strong growth."
Bernhard Scholz, Member of the Management Board pbb Deutsche Pfandbriefbank, commented: "We are delighted to support Value Retail together with Pramerica in the refinancing of La Roca Village, a property that has shown an undisputed success in the past 14 years. This deal shows the commitment of pbb with the Spanish market, where we will continue to selectively finance quality assets managed by first line sponsors".
Andrew Radkiewicz, Managing Director, Pramerica added: "We are very pleased to have worked with Value Retail and Deutsche Pfandbriefbank to successfully complete the funding of La Roca. The strength and depth of the management and the impressive performance of the asset combined to make this a highly attractive junior debt investment for our Pramerica Real Estate Capital platform."
Source: pbb Deutsche Pfandbriefbank