HSH Nordbank finances €120 mln specialty store center portfolio (DE)

HAMBURG/KIEL HSH Nordbank is providing finance of €120 mln for the re-financing of a shopping center portfolio. The portfolio is owned by a joint venture between a real estate fund managed by Morgan Stanley Real Estate Investing and the Hamburg-based asset manager REDOS Real Estate. The financing has a term of four years and HSH Nord-bank is acting as the sole underwriter and book-runner of the transaction.
The 16 large-scale retail centers are mostly located in Western Germany, particularly in Lower Saxony and North-Rhine Westphalia. The properties comprise a fully leased retail area of nearly 200,000m². Around two-thirds of the area has been leased to established group of companies Metro, Rewe and Real on a long-term basis. The properties are managed and rented out by the REDOS Group, which has specialized in retail properties as an asset manager and investor and is highly experienced.
Peter Axmann, Global Head of Real Estate Clients of HSH Nordbank, said: "Retail proper-ties in Germany remain very popular among German and international investors alike. This portfolio is characterized, in particular, by a consistently high occupancy rate over the past few years, which illustrates the strong demand at locations with a very good micro-location. The appeal of this shopping center portfolio is enhanced by its strong anchor tenants."
Source: HSH Nordbank