Debt fund Deka Realkredit Klassik has acquired the first ranking tranche of the DeKabank loan to AEW for the purchase of The Bridges shopping centre in Sunderland, Tyne and Wear.
The purchase represents the seventh loan the fund has bought secured on a UK asset.
The Bridges was purchased by AEW Europe in the summer of 2014 for more than £152m from Land Securities. The rental income at the time was just under £10m pa and the yield was 7.18%
DRK was the first German debt fund when it was launched in 2009 and invests in senior debt in commercial real estate. By the end of December the fund held €470m in assets.
