ING lends €212m on Polish retail, Spanish logistics

ING Real Estate Finance has provided €212m in loans on retail and logistics centers in Poland and Spain.

The global lender provided an €80m, five-year senior facility and an ancillary €30m VAT loan for TH Real Estate and Neinver’s joint-venture purchase of two retail properties in Poland, the Factory Annopol shopping centre in Warsaw, and in Krakow, Futura retail park and the adjoining Factory Krakow.

Spain-based retail developer Neinver and TH Real Estate formed a joint-venture earlier this year to target outlet malls across Europe. TH Real Estate acts as investment advisor to the vehicle, while Neinver provides specialised asset management and operational services.

ING has also provided a €64.5m refinancing facility to CBRE Global Investors for its Ogrody shopping centre in Elblag, Poland.

The 41,500 sq m retail outlet re-opened in March following a significant redevelopment. It originally opened in 2002 and is almost fully let by tenants including TK Maxx, Carrefour and New Yorker.

ING has been particularly active in Poland this year with a €185m facility in June for the Blue City shopping centre in Warsaw and a €193m loan in March to refinance the Bonarka City Center shopping mall in Krakow.

In Spain, ING supplied a €37.3m loan to Axiare Patrimonio Socimi for a portfolio of five logistics warehouses. The seven-year facility reflects a loan-to-value of 55%. The warehouses are located in Madrid, Guadalajara and Tarragona.

Madrid-based Axiare Patrimonio Socimi’s portfolio primarily consists of offices in Madrid and Barcelona and logistics and retails assets across Spain.

In March, ING syndicated the €125m loan it issued in November last year secured against the prime Madrid shopping centre Islazul.