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On The PERE Podcast, Greg Dool, Samantha Rowan and Guelda Voien break down a pair of deals that signify a renaissance for the once-exiled sector.
A syndicate of lenders including banks and manager Generali Real Estate provided the loan.
The acquisition financing represents a 56% loan-to-value.
Ben Eppley, partner at the US manager, explains the reasoning behind issuing a £610m loan against the estate’s retail assets.
The loan, secured against a German designer outlet village, was underwritten by Aareal Bank.
The £900m equity backstop committed by shareholder Brookfield is designed to gain bondholders’ approval for raising fresh debt.
The latest financing of the Irish mall highlights the fall in sector values since the height of the market.
'It all depends on the operator and how the asset is positioned,' says Nuveen’s head of debt capital markets, Europe and APAC.
The manager has provided the facilities to a partnership between Delancey and Tritax, and PineBridge Benson Elliot.
Record footfall and high occupancy across the estate’s retail and leisure is expected to help its owner tap up secured lenders.