FINANCE: TIAA Henderson Real Estate has secured an €85m (£67.4m) loan from ING to refinance an Italian property in its European Outlet Mall Fund.
The five-year loan has been taken out on the Serravalle Designer Outlet, a 409,000 sq ft property located outside Milan, and replaces a facility from Deutsche Pfandbriefbank and West Immo.
The £1.2bn Outlet Mall Fund invests in designer outlets across Europe and was restructured as a new 10-year vehicle boosted by €160m of fresh equity in April.
The fund has refinanced about €515m of debt in 2014.
Colin Throssell, head of treasury at TH Real Estate, said: “It has been a year where prevailing interest rates, and the return of strong liquidity to all markets, relevantly to southern European markets such as Italy, has enabled us to really help drive our investors’ returns.”
