pbb Deutsche Pfandbriefbank has agreed a €55.8 million medium-term refinancing and construction facility for a fund managed by Resolution Property. The proceeds will be used to refinance existing debt on Galeria Pomorska, a shopping center in Bydgoszcz, Poland, and to provide funding for a proposed extension. The transaction closed in September 2013.
The fund, Resolution Real Estate Fund III, bought the shopping center in 2010. Galeria Pomorska consists of approx. 30,000 m² GLA and Resolution is now planning to extend it by a further approx. 9,500 m² GLA. The center is anchored by a hypermarket owned separately by Carrefour, and is well leased to a mix of international and local retailers. The extension is also being pre-let to a similar tenant mix.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is pleased to support Resolution Property in this Polish retail transaction, and we are looking forward to other transactions with them, both in Poland and elsewhere in Europe.”