pbb provides financing to fund managed by Standard Life Investments
pbb Deutsche Pfandbriefbank has provided a term and capex loan facility of SEK 287 million to affiliates of the Standard Life Investments European Real Estate Club III (Euro Club III). The loan was provided to finance the acquisition of the Stora Bernstorp retail park in Malmo, Sweden, and to enable the development of a new Bauhaus DIY store.
The transaction closed in May 2017. The retail park currently comprises of 37,000 sqm lettable area and will be extended to approximately 45,000 sqm upon completion of the new Bauhaus store. The Bauhaus store itself will have a 17,200 sqm area and will be one of the brand’s larger stores in the Nordics. Bauhaus has signed a 15 year lease contract for the premises.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “pbb Deutsche Pfandbriefbank is very pleased to continue its cooperation with Standard Life Investments, this time in their acquisition and development of the Bernstorp retail park. The retail park is an attractively located shopping destination which will become even stronger with the addition of a new Bauhaus DIY store. The Nordic region remains a key strategic market for pbb.”