Land Securities and Delancey have completed a £170m refinacing of the Metro Shopping Fund.
Bayern LB and Deutsche Pfandbriefbank provided £140m of debt in a transaction for the Southside Wandsworth shopping centre, SW18, which closed on 9 December.
Bayern is the agent to the facilities, and each lender is providing an equal share of the funds.
The debt is structured as an initial investment facility. Further funds will be available following the completion of the development of a number of additional shops at the 530,000 sq ft centre.
Tenants at the scheme, which has a 14-screen Multiplex cinema and a healthclub, include Waitrose, Gap, Top Shop, H&M, Primark, TK Maxx, New Look, Republic and Costa Coffee.
The centre has planning permission for the 33,000 sq ft development of a vacant site on Garratt Lane, creating six restaurant and shop units.
In addition, Deutsche Pfandbriefbank has provided £31.2m of debt for the Shopstop shopping centre at Clapham Junction, SW11, in a transaction which also closed on 9 December.
The German lender acted as arranger, agent and sole lender on the Shopstop facility.
Bayern and Deutsche Pfandbriefbank acted as joint arrangers on the Southside transaction.
Deutsche Pfandbriefbank head of real estate finance, Harin Thaker, said: “Delancey and Land Securities are core customers of the bank, and we are pleased to have worked with them on this transaction together with the refinancing of the Shopstop in Clapham, the other asset owned by the fund.”
BayernLB’s head of real estate in London, Mike Worley, said: “We are very pleased to have provided the loan facility for this joint venture which has such well regarded partners. Southside is an excellent and well managed shopping centre with exciting future potential as a result of the extension development plans.”
bridget.oconnell@estatesgazette.com
