Deutsche Asset Management has provided a €71.5 million senior loan to finance the acquisition of a retail and leisure park in Madrid.
The financing has been provided through Deutsche AM’s senior real estate debt fund to a joint venture between TIAA and pan-European property investor Neinver SA for the acquisition of the property, called Nassica.
Built in 2002, Nasicca comprises 53,000 square meters across 44 units with a variety of retail, food and leisure uses in the Getafe area of the Spanish capital. The asset was refurbished in 2015 and tenants include retailers Carrefour, MediaMarkt and Toys R Us.
The JV between TIAA and Neinver bought Nassica in November for an undisclosed price. TH Real Estate acted as investment advisor in the deal. Neinver, which originally developed the property, had an existing stake and the JV bought out KKR’s stake in the asset.
Nassica sits immediately adjacent to Getafe The Style Outlets, a €100 million outlet mall that the JV has also acquired, putting it in control of a total of 80,000 square metres of retail and leisure space in the area.
The TIAA and Neinver JV was formed in 2014 and owns retail park properties across Europe.
“The facility reinforces the ability of our debt platform to provide carefully structured acquisition finance against a quality asset within a tight timeframe,” said Andrea Vanni, head of European real estate debt investments at Deutsche AM.
Earlier this month, Deutsche AM closed a £57 million refinancing of real estate fund manager Aerium’s property portfolio in London’s upmarket Mayfair district. The firm provided the refinancing through its senior debt fund, which closed on €750 million in July 2015.
In addition to its senior debt fund, Deutsche Asset Management won a €750 million investment mandate from German pension fund Bayersiche Versorgungskammer (BVK) in November. The two mandates will not co-invest.
The total volume of Deutsche AM’s real estate debt business came to €2 billion as at 7 November, 2016.
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