pbb Deutsche Pfandbriefbank has provided a medium-term acquisition facility totalling approx. €29.5 mln (SEK275.5 mln) to the Standard Life Investments European Real Estate Club L.P. (Euro Club). The loan was provided to finance the acquisition of Länna Retail Park, a 33,400 m² retail park located just south of Stockholm, Sweden. The transaction closed in September 2015.
Länna Retail Park is an established retail park, having opened in 2002, and consists of two properties: Trucken 1 and Trucken 2. The park has a total lettable retail area of 33,400 m² and some 1,000 parking spaces, while main tenants include well-known retail chains such as City Gross, Media Markt, and Elgiganten. In total there are 16 retail units. Länna Retail Park is a traditional retail park focusing on home electronics, sports, and homeware, while also including a large grocery store. In the immediate area is also a large Bauhaus located together with a well-known furniture store (Länna Möbler) and sporting goods store (Länna Sport).
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “pbb Deutsche Pfandbriefbank is very pleased to support Standard Life Investments in this transaction. Länna Retail Park has an excellent visibility and a good tenant mix. pbb continues to believe in the Nordic region and sees strong interest from both international and domestic clients.”
Source: pbb Deutsche Pfandbriefbank
