TIAA Henderson Real Estate has secured a €54.7m (£43.8m), loan from Deutsche Pfandbriefbank for its €1.5bn European Outlet Mall Fund.
The five-year facility replaces a €39.2m loan due to expire in December held against phases one and two of the 213,000 sq ft Designer Outlet Parndorf, near Vienna.
It will part-fund a 59,200 sq ft extension, which will add around 30 shops to the existing 170 units and is slated for completion in 2015.
The fund is now seeking a further €175.3m of bank debt to refinance loans also due to expire in December.
sophia.furber@estatesgazette.com
