German lender Deutsche Pfandbriefbank provided a £34.5m facility for F&C REIT’s purchase of two regional retail assets in the UK.
The fund manager, acting on behalf of its clients including AREA Property Partners and ESAS Holding, bought Halton Lea shopping centre in Runcorn, Cheshire, and a parade of shops in Stevenage, Hertfordshire.
The transaction closed on 12 May 2011.
The Stevenage town centre retail parade comprises 29 shops and four office suites totalling 85,000 sq ft, with tenants including Topshop, Vision Express and Vodafone.
The 496,000 sq ft Halton Lea shopping centre in Runcorn, is anchored by Tesco.
Harin Thaker, head of real estate finance international at pbb Deutsche Pfandbriefbank said: “F&C REIT Asset Management and AREA Property Partners are both longstanding pan-European clients of the bank, and we look forward to working with them again in the future.
“F&C REIT Asset Management is well positioned to enhance the value of these well-located properties with its strong asset management track record.”
bridgetoconnell@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
