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Home News & Media Pradera News

PRADERA FUND COMPLETES €163.4M LOAN REFINANCING WITH AAREAL BANK

Pradera, the specialist retail real estate fund and asset manager has announced the refinancing of their first fund, the Pradera European Retail Fund (‘PERF’), for a total facility of €163.4 million with Aareal Bank.

The refinancing, completed in September 2015, comprises seven shopping centres in Spain and one in Italy.

Advising on the Fund for Pradera were the Debt advisory team of JLL and Spanish law firm Uria Menéndez, with Spanish Law firm Cuatrecasas representing Aareal. 

PERF is a specialist retail property fund, launched in December 2000, initially held for an eight year life and continued for a further ten years in 2008. PERF currently consists of twelve retail properties across Italy, Spain and Greece with a Gross Asset Value (GAV) of approximately €400m.

Jonathan Weaver, Funds’ Finance Director at Pradera, comments:  “The portfolio loan refinancing represents a significant milestone for PERF, increasing the Fund’s weighted average debt term to approximately four years and also significantly reducing the Fund’s weighted cost of debt. Whilst we have seen increased competition amongst the lending market, we are pleased to continue the longstanding relationship with Aareal Bank, the Fund’s main lending partner.

The Fund is also progressing a number of accretive value added projects over the next few years and the refinancing provides the duration to realise these projects for the Fund and its investors.”

Pradera News

Llobregat Shopping Centre in Barcelona, Spain, promotes sustainable mobility with “Park & Ride”

First ever “Park & Ride” in a shopping centre in the region officially launched this week

Read whole story

Back by popular demand: Homepark Targówek, Warsaw, Poland, brings back the Domomarket Craft Fair

Homepark Targówek has announced the return of the popular Domomarket Craft Fair on 17-18 September

Read whole story

Leading fresh food chain Grand Frais opens at Les Armoiries Shopping Centre, Bry-sur-Marne, France

1,925 dedicated to high quality fresh produce at competitive prices

Read whole story

Homepark Wuerzburg, Germany, welcomes new anchor tenant

OPTI-Wohnwelt opens 10,000 sqm store at Homepark Wuerzburg

Read whole story

Bottega in Bio expands footprint with new opening at Le Due Valli Shopping Centre, Pinerolo, Italy

Natural, organic beauty and well-being Italian retailer opens at Le Due Valli

Read whole story

Trafford Centre launches its biggest external live event ever

Trafford Centre has unveiled a vast live event to entertain visitors this summer

Read whole story

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Background Photo:
Ragusa: Ibleo Shopping Centre