Standard Life Investments has teamed up with Helical Bar to co-develop the Europa Centralna retail park and shopping centre in Gliwice, Poland.
Development of the 710,000 sq ft scheme, which will be one of the largest retail parks in Europe once completed in 2012, is to be funded by a €72m loan from Aareal Bank and €40m cash from the jv partners.
Helical is providing 10% – or €4m – retaining a 37.5% equity stake in the partnership. Standard Life Investment’s institutional client will put in €36m. It will acquire Helical’s 37.5% stake and that of the local management team, which amounts to 12.5%, two years after the scheme is complete for “a sum reflecting their share of the value of the development”.
JP Morgan Cazenove said the move looked like “a typical Helical deal, de-risking development and returning around £16m in equity to the group”.
