pbb Deutsche Pfandbriefbank agreed a €50 million medium-term acquisition facility for a fund advised by Tristan Capital Partners for its acquisition of the shopping center “Neukölln Arcaden” in Berlin. pbb is acting as sole lender and hedge provider for the facility, which closed in January 2015.
The fund, Curzon Capital Partners III, purchased the Neukölln Arcaden from a German fund. The center opened in 2000 and is located in the main shopping street of this district. The asset comprises seven floors and the basement. The two upper floors are used for 650 parking spaces. The retail area covers around 22,156 m² from the basement to the 2nd floor. The 3rd floor is occupied by cinema with nine screens with an area of 6,000 m² and the city library is on the 4th and 5th
floor with an area of 4,000 m². The main tenants include Media Markt and fashion retailers such as New Yorker.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is pleased to be able to support our client Tristan Capital Partners in this acquisition in Germany, one of our key target markets. The transaction adds to a number of deals Tristan and pbb have done together in recent years.”
Ali Otmar, Managing Director of Investments at Tristan Capital, said: “This is the fourth property acquired in Berlin by funds managed by Tristan Capital in the last 18 months, reflecting how much we like the dynamics of the market in the German capital. Neukölln is undergoing a wave of regeneration, which raises the potential for asset management initiatives to enhance the value of this asset.”
Source: pbb Deutsche Pfandbriefbank