UK - Henderson Global Investors has borrowed £178.8m to increase its commercial property stronghold in mainland Europe.
The London-based firm will use the money, which was provided by Hypo Real Estate Bank International in Dublin, for its European Outlet Mall Fund.It plans to buy a string of outlet villages in Italy, France, the Netherlands and Austria.
Hypo will first provide a £23.2m short-term bridge facility to allow Henderson to buy its initial properties. It will then provide a £178.8m loan to refinance all the firm’s existing debt within the fund as part of a pan-European transaction.
Hypo Real Estate Capital chief executive Harin Thaker said: “Organising the deal in this manner has provided Hender-son with a consistently high level of service through one point of contact in London but still allowed it to capitalise on the expertise of the bank’s local teams.”
He added: “We are delighted we could, based on the financing capability in the different countries, provide funding for Henderson on a highly complex structured finance product.”
The Henderson fund was set up in Luxembourg to buy the outlet villages that were originally developed by designer outlet developer and operator, McArthurGlen.
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