pbb Deutsche Pfandbriefbank and Scor have provided a €105 million development finance facility to Apsys. pbb acted as arranger and agent, initially lending the full €105 million prior to the syndication of €30 million with Scor, a leading global reinsurer. The financing of the transaction is also supported by a mezzanine facility structured by Quarters Capital and closed in September 2014.
The facility, which is for three and a half years, finances the development of a 37,600 m² shopping center in the heart of Metz, France, close to the borders of Germany, Belgium and Luxembourg. The center, which is 65 % pre-let to tenants including Primark, is part of a larger scheme that will see the development of eight further buildings and over 80,000 square meter of mixed use space, including residential, office and retail property.
Apsys Group is an integrated property operator focused on shopping centres in France and Poland founded in 1996 by Maurice Bansay. It is one of the leading innovative shopping mall developers in France.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “Together with our debt partners, we are delighted to support Apsys Group with the financing for the development of this regional shopping center. This transaction further cements a strong relationship with Apsys. It is one of the more complex real estate transactions in the last few years and extends our commitments to selected development finance and exposure in French regional cities.”
Source: pbb Pfandbriefbank