Islazul, IMAGE: TH REAL ESTATE
Investment

TIAA HENDERSON REAL ESTATE SECURES FINANCING FOR SPANISH SHOPPING CENTER

TIAA Henderson Real Estate (TH Real Estate) has secured €125 million of new debt financing on behalf of the newly acquired Islazul Shopping Center in Madrid, Spain.

The new five-year facility has been provided by ING, an existing lender for TH Real Estate, on competitive terms. Islazul is the second-largest shopping center in Madrid; the center totals 260,000 sq m with a GLA of 90,000 sq m.

The retail mix is primarily made up of fashion brands, accounting for 40% of the surface area, while leisure and restaurants occupy 28% and a hypermarket, operated by Leclerc, occupies 17.5%. The remaining surface area is occupied by services and household stores. Islazul also has 4,100 parking spaces. With an average of 10 million visitors per annum, the shopping center boasts major firms such as Primark, a number of Inditex brands, H&M, a Yelmos cinema complex, and a Media Markt home electronics store.

Colin Throssell, Head of Treasury, said: “Our existing relationships with lenders such as ING mean we are well positioned to secure extremely competitive terms for assets across our global portfolio. In this instance, the longstanding and trusted relationship in place with ING allowed this financing to be secured within an incredibly tight deadline without compromising on the investors’ needs.”

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Investment MORE

IMMOFINANZ turns net profit significantly positive with EUR 217.5 million in 2018

IMMOFINANZ significantly strengthened its earning power during the 2018 financial year:

Mitiska REIM Forms Joint Venture with Karuzela Holding

Mitiska REIM has recently announced a strategic partnership with Karuzela Holding. Under the terms of the agreement, the two companies will form a joint venture in Poland, and Mitiska REIM’s FRI 2 fund will acquire a 50% holding in two retail parks and two gallerias owned by Karuzela, comprising a total GLA of 35,600 sq m, and both parties will co-develop four additional projects, comprising a total GLA of approximately 60,000 sq m.

Sierra Balmain Joint Venture | Servicing 15 Retail Properties in 15 Polish Cities

Sonae Sierra has acquired a 50% stake in Balmain Asset Management Group’s Central European platform. Balmain has operated for over 15 years in Poland.

KGAL ACQUIRES RETAIL PARK IN STYRIA, AUSTRIA

KGAL Group is expanding its real estate portfolio in Austria via the acquisition of a contemporary annex to Mühldorf retail park in Feldbach, Styria.

Nivy Station in Bratislava: HB Reavis Receives Loan in the Amount of €175 Million

HB Reavis has obtained a syndicated loan in the amount of €175 million for the construction of the Nivy Station project in Bratislava.

Sole Underwrite over 1.1 Billion Euros | Financing of Potsdamer Platz in Berlin

In its role as arranger, agent, and security agent, LBBW has secured the long-term financing of the Potsdamer Platz site in Berlin on behalf of Brookfield Properties for EUR 1.1 billion.