pbb Deutsche Pfandbriefbank has provided a medium-term acquisition facility for a total of £28m (€39.9m) to European Property Investors Special Opportunities 3, L.P. The loan is intended for the financing of the acquisition of Hatters Way Retail Park in Luton and Hylton Riverside Retail Park in Sunderland, which consist of approximately 204,950ft² (19,040m²) in total. Pradera are acting as asset manager to the transaction, which closed in September 2015. The Tristan Capital Partners portfolio managed by Pradera in the UK currently consists of 11 retail warehouse parks including these two latest acquisitions.
Hatters Way is an established retail park, with a total lettable retail area of approximately 83,350ft² (7,743m²), a total of 13 retail units and some 370 parking spaces. Main tenants include well-known retailers such as DFS, Carpetright and Harveys.
Hylton Riverside is a retail park with a tenant mix including furniture, clothing, discount retailers and restaurants. Tenants include Matalan, Poundstretcher and Aldi. The park offers approximately 121,600ft² (11,297m²) of lettable area and 580 car parking spaces.
Charles Balch, head of real estate finance international clients, UK & CEE at pbb Deutsche Pfandbriefbank, said: “We have worked together with Tristan and Pradera on many transactions across Europe and have developed an excellent relationship. The UK continues to be a core market for us and we are happy to support Tristan and Pradera in their acquisition of Hatters Way and Hylton Riverside.”
Mark Terry, funds CFO at Tristan Capital Partners, said: “Financing is always a crucial element in our transactions, so it is important for Tristan that we work with lenders such as pbb that understand our business model and can react quickly and efficiently when the investment opportunities present themselves. Our successful partnership with pbb and Pradera on transactions across Europe once again proved itself in EPISO 3’s acquistions of Hatters Way and Hylton Riverside.”
