German lender Deka Bank has agreed to finance AEW Europe’s purchase of the St Nicholas Centre in Sutton, Surrey (pictured right).
The five-year senior loan reflects a loan-to-value ratio of around 50% on the £71.6m price that AEW paid Criterion Capital for the 434,504 sq ft mall.
The loan is understood to have been priced at close to 150bps over Libor, reflecting the low LTV.
Tenants in the centre, which has a £6.9m rent roll and an average unexpired lease term of 5.8 years, include Debenhams, Next, Primark and Sports Direct.
