CBRE seeks €100m debt finance for Carlyle in Europe

Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal. The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m […]

Freeport Portugal cropped

Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal.

The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m three years ago, to become the largest outlet centre in Europe.

In addition to Portugal, Freeport owns outlet centres in the Czech Republic and Sweden: Freeport International Outlet in Hatě and Freeport Designer Outlet Village in Kungsbacka. These could comprise the other two retail assets Carlyle is looking to refinance.

A debt provider said the mandate was for assets in Northern Europe and Central and Eastern Europe, besides Portugal.

CBRE’s head of debt origination, Steve Williamson, is leading the mandate. Williamson joined the firm in March 2013 to build up the origination business after 14 years at Deutsche Bank.

Carlyle’s third and latest European real estate fund closed at $3.4bn during 2008. Fundraising for a follow on fund has been delayed while Carlyle focuses its resources on the assets it already owns.

The group has separately appointed Knight Frank to secure a joint venture funding partner for its 1.4m sq ft Bankside Quarter mixed-use project on London’s South Bank. Its decision to seek a partner grew out of interest it has received from a number of international investors from the Middle East, Asia Pacific and North America.

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