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The €625m financing of Dublin’s Dundrum mall indicates lenders’ appetite for Irelands trophy assets.
Joint owners Hammerson and Allianz Real Estate have closed a €625 million refinancing of Ireland’s Dundrum Town Centre shopping mall in a deal which locks in a sub-2 percent margin for seven years.
Hammerson has agreed a £350 million (€418 million) revolving credit facility with a syndicate of 14 international banks, including several Asian lenders, in a bid to reduce its cost of debt.
UK shopping centre investor and developer Hammerson has raised £400 million of debt through a US private placement, in what CFO Timon Drakesmith (pictured) said is likely to be the largest such deal by a UK property company.
Hammerson, the UK shopping centre-focussed REIT, has agreed a new £420 million unsecured revolving credit facility with a syndicate of eight banks.
UK retail REIT Hammerson is aiming to raise €500 million through a bond issue in order to partially refinance the revolving credit facility which funded its purchases of an Irish loan portfolio and a shopping centre in Birmingham.
Hammerson has financed its £350 million purchase of the Grand Central shopping mall in Birmingham with a €500 million increase to its existing €1 billion revolving credit facility.
Hammerson has issued a £350m, 10-year bond priced at 173bps over the reference gilt with an annual coupon of 3.5%. The bond was two-times oversubscribed.
Hammerson is funding its share of the purchase of NAMA’s €1.85bn Project Jewel with a new short-term €1bn revolving credit facility from its existing lenders. The facility, which matures in March 2017, reflects a loan-to-value of 81% on Hammerson’s €1.23bn share of the overall purchase price.
Hammerson and Allianz Real Estate have jointly bought NAMA’s Project Jewel loans portfolio for €1.85bn. The UK REIT and the German investor, part of insurance giant Allianz, have formed a 50:50 joint venture to buy the portfolio valued at around €2.6bn.
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