Deutsche Pfandbriefbank has provided Pradera’s open-ended retail fund with a €16.7m, five-year loan to buy two Polish shopping centres.
It has also lent €7.6m on a temporary basis for VAT facilities related to the deal. “When VAT gets repaid [to Pradera], we get repaid,” said Harin Thaker, Deutsche Pfandbriefbank’s head of international real estate finance. The deal is the fund’s first acquisition. Pradera normally limits gearing to 60%.