British Land’s Pillar Retail Europark Fund has completed a €61m refinancing of two retail and leisure parks in Spain.
Deutsche Pfandbriefbank provided the facility for subsidiaries of PREF, which is managed by BL European Fund Management LLP and part-owned by British Land. The transaction closed in December.
Nassica retail and leisure park is a major regional park in Getafe, a southern suburb of Madrid, and was built in 2002. It is anchored by a Cinesa cinema, and is let to a mix of leisure operators and a wide range of restaurant chains, as well as a Carrefour hypermarket and retailers such as Conforama, Worten, Toys R Us and Merkal.
Vista Alegre retail park is in Zamora and was built in 2003. It is let to 14 operators including anchors AKI, Froiz and El Corte Inglés Oportunidades.
Harin Thaker, head of real estate finance international at the bank, said: “We are delighted to have been able to support PREF and British Land in the financing of these Spanish assets, demonstrating our ongoing commitment to our core customers and select projects.”
Deutsche Pfandbriefbank acted as arranger, agent and sole lender on the facility.
bridget.oconnell@estatesgazette.com
