pbb provides EUR 64 million senior facility to Resolution for the refinancing of Galeria Pomorska in Bydgoszcz, Poland – EuropaProperty

pbb Deutsche Pfandbriefbank has provided a senior refinancing facility, in an amount of EUR 64 million, to a company managed by Resolution Real Estate Advisors on behalf of one of its funds.

The transaction closed in June 2017. pbb acted as arranger and sole lender under the facility.

The facility refinances the acquisition of the Galeria Pomorska shopping centre in Bydgoszcz, as well as the construction of an extension. Bydgoszcz is Poland’s eighth largest city with ca. 360,000 inhabitants.

Galeria Pomorska is a well established shopping centre, built in 2003, and extended and refurbished in 2015. It now comprises ca. 30,000 sqm of retail space and is anchored by a Carrefour hypermarket through a co-ownership structure.

Tenants include LPP Group, H & M, C & A, Helios Cinema and Euro ATV RGD. Asset management support is being provided by Balmain Asset Management.

Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: “pbb is delighted to complete this transaction for Resolution, with whom we have a long standing lending relationship across Europe. We have been lending on Galeria Pomorska for several years and also provided the extension financing. We are delighted with Resolution’s execution of the retail vision for this asset and the product that has been created.”