pbb Deutsche Pfandbriefbank has provided a £94.25-million facility to EPISO LP (European Property Investors Special Opportunities LP), a fund co-advised by Tristan Capital Partners and AEW Europe LLP. The facility refinances the acquisition of the Sapphire Properties Portfolio on June 17, 2011.
The Sapphire Properties Portfolio consists of three shopping centers, located in Burnley, Cardiff and Harlow, offering significant value creation potential. Addington Capital is the Asset Manager of the whole portfolio.
Charter Walk, Burnley, Lancashire was constructed in 1966 and refurbished in 1995. It comprises 366,000 ft² (approx. 34,000 m²) of retail and ancillary accommodation, 15,000 ft² of office/educational accommodation, 76,000 ft² of market hall and two multi-story car parks which provide 737 spaces. The shopping center is the main retail offer in the town.
Queen's Arcade, Cardiff was developed in 1995 and was extended and refurbished in 2006 and 2008. It is a two-level center with 155,000 ft².
Harvey Centre, Harlow was developed in 1982 and provides 434,000 ft² of retail and ancillary accommodation with a 732 space multi storey car park and an adjacent Development Site comprising 146,000 ft² of retail and ancillary accommodation
as well as a 28,000 ft² office building, on a total site area of 8.5 acres (3.5ha).
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "This transaction shows pbb's commitment to both Tristan and AEW, who have been longstanding clients of the bank, and to the UK retail sector.
"pbb Deutsche Pfandbriefbank remains willing and keen to support proven sponsors' asset management and their repositioning strategy for the right assets."
Source: pbb Deutsche Pfandbriefbank