Deutsche Pfandbriefbank (pbb) has underwritten a €78m investment facility to AB Tewox, managed by Lords LB Asset Management, marking a significant refinancing deal in Poland's retail property sector. The loan covers the refinancing of six retail parks and the acquisition of two newly built retail parks across multiple Polish locations.
pbb acted as both arranger and sole lender for the facility. The portfolio comprises eight assets situated in Wrocław, Głowno, Kalisz, Świdnica, Puławy, Przemyśl, and two projects currently under acquisition. All properties are predominantly newly constructed retail parks positioned in established retail locations with direct access to main roads and proximity to residential neighbourhoods. The portfolio totals 64,000m² of gross leasable area.
What makes this deal particularly noteworthy for investors is the timing, as Poland's retail park sector continues to demonstrate resilience amid broader European retail challenges, with convenience-focused formats showing stronger footfall recovery than traditional shopping centres. The properties' strategic positioning near residential areas aligns with the growing trend of localised shopping patterns, potentially offering more stable rental income streams compared to city-centre retail assets.
Dieter Knittel, Head of CEE at Deutsche Pfandbriefbank, said: "We are very pleased to support Lords LB Asset Management in the refinancing of a part of their Retail Park portfolio in Poland and we look forward to continuing our successful collaboration."
Paulius Nevinskas, Manager at AB Tewox (Lords LB Asset Management), stated: "The successful completion of the refinancing transaction, and having Deutsche Pfandbriefbank (pbb) as our financing partner, positions the company well for its next phase of growth and upcoming acquisitions. Kudos to the pbb team for skilfully navigating the complexities of the process."
AB Tewox specialises in retail real estate assets in the Baltic Sea Region and holds approximately €170m of assets with 82,000m² of leasable area. Lords LB Asset Management, supervised by the Bank of Lithuania, has been providing services for institutional and private investors since 2008, with collective investment undertakings' assets under management totalling €1.33bn as of the end of December 2024.
People mentioned:
- Dieter Knittel, Head of CEE, Deutsche Pfandbriefbank
- Paulius Nevinskas, Manager, AB Tewox (Lords LB Asset Management)
Companies mentioned:
- Deutsche Pfandbriefbank (pbb), Lender and Arranger
- AB Tewox, Real Estate Investment Company
- Lords LB Asset Management, Fund Management Company
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