pbb provides a €21 million investment facility to CBRE European Shopping Centre Fund
pbb Deutsche Pfandbriefbank has agreed a € 21 million medium-term acquisition facility for the CBRE European Shopping Centre Fund managed and advised by CBRE Global Investors for its acquisition of the shopping centre Galeria Mazovia in Plock. pbb is acting as sole lender and hedge provider for this facility. The transaction closed in June 2014.
The shopping center comprises a net lettable area of 28,485 sqm and opened in 2010. The main tenants are well known retail chains such as Media Markt, Piotr i Pawel, Zara and Reserved.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is pleased to be able to support our client CBRE Global Investors in this recent acquisition. We believe that the Polish real estate market offers good opportunities for strong regional centers for seasoned asset managers.”