pbb Deutsche Pfandbriefbank has provided a capex loan of SEK 287 million (€30 million) to Standard Life Investments’ European Real Estate Club III fund.
The insurance company will use the facility to finance the acquisition of the Stora Bernstorp retail park in Malmö, Sweden. The loan will also enable the development of a new store of Bauhaus, the Swiss-headquartered home and gardening retailer.
The retail park, acquired by Standard Life in May, comprises of 37,000 square metres lettable area. After completion of the new Bauhaus store, it will be extended to approximately 45,000 square metres.
The park is currently home to a range of brands, including family-owned supermarkets chain City Gross, sports retailer Intersport, electronics store Elgiganten Megastore and home improvement brand Flügger Färg.
“The retail park is an attractively located shopping destination, which will become even stronger with the addition of a new Bauhaus DIY store. The Nordic region remains a key strategic market for pbb,” Norbert Müller, head of real estate finance, Continental Europe West at pbb, said.