

Deutsche Pfandbriefbank has lent fund manager Orchard Street Investment Management £47.75m, secured against St Andrew’s Retail Park in Hull.
Deutsche Pfandbriefbank has been highly active in Europe this year as it builds towards privatisation next year, Citi having been appointed to advise on either a sale or an IPO in August.
Charles Balch, head of international clients at Deutsche Pfandbriefbank, said: “This facility to Orchard Street continues our strategy in the UK of providing debt to high quality asset managers on competitive terms and working with our customers in pursuit of their property investment strategies.”
Philip Gadsden, managing partner at Orchard Street, said: “This financing from Deutsche Pfandbriefbank fits precisely with our strategy for the property and for the Orchard Street UK Prime Property Partnership. Pbb’s experience in the sector and flexible approach has enabled us to arrange a debt structure that complements our business plan, rather than dictate it and we are delighted to have secured their backing.”
The park is situated two miles west of Hull city centre and is fully let with an average unexpired lease term of 11.1 years. The park is anchored by a B&Q Warehouse on a 16-year unexpired RPI-linked lease. Other tenants include Halfords, Curry’s, Sofaworks, DFS, Carpetright, Pets at Home and PC World.