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Parndorf refinancing

TIAA Henderson Real Estate secures €54.7m debt facility in Austria

TIAA Henderson Real Estate (TH Real Estate) has secured a new €54.7m debt financing on behalf of its European Outlet Mall Fund.

The new five year facility replaces the previous €39.2m financing, which was due to mature in December 2014. The debt has been secured against phases one and two of Designer Outlet Parndorf.

The loan, provided by pbb Deutsche Pfandbriefbank, gives the Fund the firepower to undertake asset management at the property and work towards the development of a new phase at the scheme, which is expected to open in 2016. The deal is competitively priced, reflecting a conservative loan to value on this prime Austrian retail asset.

The refinancing comes shortly after the successful ten year “extension” of the c.€1.5bn flagship European Outlet Mall Fund, which owns eight outlet mall assets across Europe, in addition to its indirect holding in three UK outlet mall assets.

 Designer Outlet Parndorf is located 30 minutes from Vienna centre, and 25 minutes from Bratislava. The centre hosts designer stores including Armani, Gucci, Polo Ralph Lauren and Michael Kors.

Colin Throssell, Head of Treasury, added: “Just as with our recent Berlin refinancing, also with PBB, this is great result for the Fund and its investors, representing another milestone in what is a very eventful year. We have now successfully navigated the Fund extension and completed two re-financings during 2014 alone. There are still a number of additional short term financing requirements for us to work through but with the support of our long standing relationship Banks and the interest of many other market participants, we are well positioned to secure extremely competitive terms for the Fund, as we did in this instance.”

Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, commented: “We are delighted to have provided TH Real Estate and the Fund with these two refinance facilities for the Parndorf and Berlin designer outlet centres. These two transactions are a prime example of PBB's ability to provide local financing for its international clients across its pan-European network.”

Disclaimer Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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