German bank Helaba has arranged a kr1.022 billion (€111.2 million) financing of Tristan Capital Partners’ purchase of a Norwegian retail warehousing portfolio.
Norwegian life insurance company Storebrand has taken a participation in the deal in one of its first real estate lending investments. It is understood that Helaba has retained more than half of the five-year loan, which was competitively priced in the mid-200 basis points.
The deal finances the purchase of four regional retail parks including one building extension. The properties contain a combined 87,000 square metres of lettable space and are fully let on a long-term basis, anchored by Nordic retailer Coop Norge.
Tristan’s European Property Investors Special Opportunities 3 (EPISO 3) opportunity fund bought the portfolio from Coop Norge’s property arm. In total, the fund bought five retail parks containing 92,300 square metres of retail warehousing, plus four development sites for kr1.2 billion (€136 million).
The loan size is understood to reflect the development value of one of the four sites and is not fully-drawn. More than kr200 million of the facility is for capital expenditure, meaning that the loan-to-value is below 65 percent.
EPISO 3 bought the properties in conjunction with joint venture operating partners FG Eiendom and Malling & Co Eiendomskapital.
Helaba said that it intends to build its Nordic business by opening an office in Stockholm during 2016 and by partnering with insurers and debt investors in the region.