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TIAA Henderson Real Estate secures €85m debt facility for designer outlet mall in Italy


TIAA Henderson Real Estate (TH Real Estate) has secured a new €85m debt financing on behalf of Serravalle Designer Outlet in Italy. The new five year facility has been provided by ING, an existing lender for TH Real Estate, on highly competitive terms.

It replaces a loan from  Deutsche Pfandbriefbank and West Immo.

Serravalle Designer Outlet is owned by TH Real Estate’s European Outlet Mall Fund. Located outside of Milan, it’s Italy’s first and largest designer outlet, comprising over 38,000 sq m, featuring iconic fashion brands like Bvlgari, Versace and Dolce & Gabbana, through to high-street favourites, including Guess and Desigual.

Colin Throssell, Head of Treasury at TH Real Estate commented “This is a great result for the Fund and its investors, and is one of the last steps in what has been a busy and successful year on the debt front for our European Outlet Mall Fund portfolio; by the end of 2014 we will have (re)financed c.€515m; we are very happy to have closed a number of loans across various jurisdictions. The success in achieving these refinancings is really a testament to our strong banking relationships and our reputation for good stock selection, asset management and integrity.

“It has been a year where prevailing interest rates, and the return of strong liquidity to all markets, relevantly to southern European markets such as Italy, has enabled us to really help drive our investors returns.”

Mike Shields, Head of REF Western Europe, UK, USA, and Structured Products at ING, added
“Serravalle Designer Outlet is one of the premier retail properties in Europe. ING was very pleased to continue to be selected by TH Real Estate to provide financing on their top retail assets. We pride ourselves in providing our global clients with flexible and efficient execution on property financings across all of country level platforms."

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority (FCA). TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. 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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