

Deutsche Pfandbriefbank has lent £100m against the 800,000 sq ft Frenchgate Shopping Centre in Doncaster owned by the trio. The five-year loan reflects an LTV of between 60% and 65%.
The asset was secured against one of a number of loans in Project Pebble which were originally made to McKillen and Drayne. Belfast Office Properties, which is co-owned by McKillen and Drayne, bought Frenchgate in 2006 for £245m.
The refinancing is an example of a wave of secondary deals that are expected to materialise from non-performing loan portfolio sales that have taken place as the European debt and investment markets improve.
Frenchgate is around 95% occupied and was extended and refurbished in 2006.
Charles Balch,head of real estate finance International, UK & CEE at Deutsche Pfandbriefbank said: “The transaction represents further expansion of the bank’s portfolio secured on regional assets. It evidences pbb’s appetite to provide financing for assets outside London.”
Eastdil Secured advised the borrower.