Allianz and DRC Capital have completed a €182.5m (£150.3m) refinancing of a prime German shopping centre owned by Evans Randall.
Allianz has provided a €145m senior facility at a fixed rate of 3.5% pa with no amortisation for the first two years.
DRC Capital’s mezzanine fund, European Real Estate Debt II, added €37.5m of debt. Both facilities are for a seven-year term, and replace a loan from HSH Nordbank secured by Königsbau Passagen, the largest mall in Stuttgart.
UK investment banking and private equity group Evans Randall bought the newly developed mall from a subsidiary of HSH Nordbank for €220m, a 5.25% yield, in October 2006.
Bridget.O’Connell@estatesgazette.com
