Helaba has provided an €86 million loan to Frankfurt-based investor and asset manager Kintyre Investments to refinance a shopping centre in the German city of Oberhausen.
The deal refinances the BERO-Zentrum, located in the centre of the Rhur area city, for seven years at a fixed rate of interest. The refinancing was handled by Kintyre on behalf of the property’s owners, a range of South African investors and an Israeli institutional partner which jointly acquired it in 2011.
The shopping centre was extended by 18,000 square metres during a €40 million two-year redevelopment which ended last autumn. The scheme now has a total lettable area of 44,000 square metres. The scheme originally opened in 1971.
“In order to generate further added value, the BERO-Zentrum will be a long-term hold. The new long-term fixed-interest loan will provide the necessary planning security for the owner and asset manager,” said Johannes Nendel of Kintyre Investments.
Kintyre is a privately owned real estate investment and management firm, which provides a German management platform for institutional and private investors. Kintyre currently manages around €750 million of real estate in Germany.