PL

EUROPE Aareal provides Pradera with EUR 360 mln facility

Investment & finance
Pradera has obtained a EUR 360 mln senior loan facility from Aareal Bank to refinance its pan-European retail park investment vehicle.

The London-headquartered asset, investment and fund manager has also raised EUR 35 mln of additional commitments, almost exclusively from existing investors, for the vehicle – Pradera European Retail Parks SCSp. The funds raised will repay the original loans on 17 of the vehicle’s assets in Germany, France and Poland. Its single asset in the Czech Republic (in Zličín) is being separately financed.

We are delighted to have secured the EUR 360 mln loan from Aareal Bank and to have received such strong support from the partnership’s existing investors. The partnership’s portfolio has recovered quickly as restrictions to limit the spread of the pandemic have been lifted across Europe. After a challenging period for retail investment, we see increasing investor and lender appetite for assets that offer reliable, diversified income, as evidenced by the refinancing of the Partnership’s loans.
Andrew Payne, the director of funds at Pradera

The vehicle was established in 2017 to acquire retail parks adjacent to IKEA stores in 18 locations in Germany, France, Poland and the Czech Republic, which were later rebranded as Homeparks. The original acquisition was financed with a mixture of capital from third-party investors and five-year loan facilities, due to expire in May 2022.

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