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Allianz and DRC go on €182m refi spree at German...

February 1, 2014

Bridget O'Connell

Allianz and DRC go on €182m refi spree at German mall Allianz and DRC Capital have completed a €182.5m (£150.3m) refinancing of a prime German shopping centre owned by Evans Randall . Allianz has provided a €145m senior facility at a fixed rate of 3.5% pa with no amortisation for the first two years. DRC Capital’s mezzanine fund, European Real Estate Debt II, added €37.5m of debt. Both facilities are for a seven-year term, and replace a loan from HSH Nordbank secured by KÖnigsbau Passagen, the largest mall in Stuttgart . UK investment banking and private equity group Evans Randall bought the newly developed mall from a subsidiary of HSH Nordbank for €220m, a 5.25% yield, in October 2006 .


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Source: Estates Gazette (UK)


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