HSH Nordbank has provided an €82m, five-year facility to Orion Capital Managers for the purchase and refurbishment of the Lilien-Carré shopping centre in Wiesbaden, near Frankfurt.
Orion bought the retail outlet without third party financing in December last year through its European Real Estate Fund IV. A component of HSH Nordbank’s loan is pro-rated refinancing for the purchase.
The 36,000 sq m shopping centre, which contains a 186-bed Motel One and 3,200 sq m of office space, will undergo a refurbishment programme.
“Wiesbaden has a strong services sector and the purchasing power of Hesse’s capital is above the national average,” said Peter Axmann, head of real estate clients at HSH Nordbank.
“Lilien-Carré has very good infrastructure links, which benefit the shopping centre and the hotel alike. The central location of the building complex near the main railway station also has a positive effect on the leasing of the office space.”
Lilien-Carré opened in the Südost borough of Wiesbaden in 2007. About 27,000 sq m is leased to retailers, including anchor tenants Rewe, Saturn and Toys R Us.
HSH Nordbank has been an aggressive lender in the German market recently. It provided a three-year facility with a loan-to-value of 80% to Sunrise Properties for its Sunrise portfolio of German retail assets. Sunrise bought the portfolio for €360m in December.
In the Lilien-Carré deal, HSH Nordbank was advised by Taylor Wessing and Orion by Freshfields Bruckhaus Deringer.
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