German banks Berlin Hyp and pbb Deutsch Pfandbriefbank have provided €173m in total for the acquisition and development of logistics and retail assets in France.
pbb has supplied an €87m, five-year facility to a joint venture between McArthurGlen Designer Outlet and retail developer Simon Property Group.
The financing will be used to develop the 120-shop Designer Outlet Provence in the southern city of Miramas, near Marseilles, due to open in 2017.
“pbb can look back on several financing transactions for outlet centers across Europe and we are looking forward to engage in similar projects,” said Norbert Müller, head of pbb’s real estate finance for Continental Europe West.
pbb provided a SEK 275.5m (€29m) facility to Standard Life Investments’ European Real Estate Club fund for the acquisition of the Länna Retail Park in Sweden earlier this month. It loaned £81m on Scottish retail in August.
The 24,500 sq m McArthurGlen Designer Outlet centre will include seven resturants and cafes, piazzas, walkways and tree-lined streets in a village-like setting.
The London-based McArthurGlen owns 21 designer outlets located across nine countries in Europe. The US-based Simon Property Group owns or has an interest in 228 retail properties, predominantly in North America.
German bank Berlin Hyp has provided an €86m, seven-year facility to private investors for the acquisition of a logisitics property in Pantin, Paris.
The 150,000 sq m site at 110 Avenue du Général Leclerc was sold by French REIT Foncière des Régions.
Berlin Hyp acted as sole arranger, lender and hedging provider for the financing.