German real estate lender pbb Deutsche Pfandbriefbank has provided a €64 million refinancing of a Polish shopping centre bought by London-based property investor Resolution Real Estate Advisers.
The €64 million facility refinances the acquisition, and future redevelopment, of the 30,000 square metre Galeria Pomorska shopping centre in Bydgoszcz, Poland’s eighth largest city, which has a population of 360,000.
The German bank said the loan was provided to an undisclosed company owned by Resolution, on behalf of one the UK firm’s funds.
Pbb, which confirmed that the transaction closed last month, acted as arranger and sole lender under the facility.
Charles Balch, head of real estate finance international for UK and CEE at pbb, said the deal was the result of a long-standing relationship between the bank and Resolution in Europe.
“We have been lending on Galeria Pomorska for several years and also provided the extension financing,” added Balch. “We are delighted with Resolution’s execution of the retail vision for this asset and the product that has been created.”
Galeria Pomorska was built in 2003 and then refurbished two years ago. The retail asset is anchored by a Carrefour hypermarket with other tenants including LPP Group, H&M, C&A, Helios Cinema and Euro ATV RGD.
Asset management support is being provided by Balmain.
Pbb has provided several loans over the past month, including a £69 million facility, in tandem with Deutsche Asset Management, originated to property investor Aerium for the refinancing of a mixed-use block in London’s Savile Row.