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Henderson secures over €100 million debt finance on behalf of Herald

Henderson Global Investors has secured c. €100 million debt finance on behalf of its European retail fund – Herald, as part of the Fund’s medium term investment strategy.

Henderson Global Investors has secured c. €100 million debt finance on behalf of its European retail fund – Herald, as part of the Fund’s medium term investment strategy. The debt has been secured across three retail assets, Metropolis Shopping Centre in Italy, and City Centre and Shopping Cité, both in Germany. The facilities, the largest being in Italy, represent a blended margin of 1.58%.

The debt was provided separately by Morgan Stanley and pbb Deutsche Pfandbriefbank.

Metropolis Shopping Centre in Cosenza is a 25,806 sq m centre which has recently been refurbished in order to develop 12 new retail units at the site. City Centre is a small 18,000 sq m city centre shopping centre in Hanau, near Frankfurt, while Shopping Cité is a 25,000 sq m centre in the affluent spa town of Baden-Baden.

Carl White, Fund Manager for Herald, said: “The successful refinancing and restructuring of external debt is an essential part of the medium term strategy of the Herald Fund, and provides the team with the foundations to deliver value adding asset management initiatives over the remainder of the Fund life. We work closely with our Treasury team and are benefiting from the excellent relationships that we have with a variety of lenders, across all of the various property funds at Henderson.”

Colin Throssell, Head of Treasury, added: “Successfully resolving a number of the Fund’s debt requirements with a variety of Lenders across Europe is testament to the relationships and credit profile Herald and Henderson have maintained throughout the recent difficult cycle. It is particularly satisfying that, at a time when debt availability within Italy is sparse, we have been able to demonstrate our competitive edge by securing debt on competitive terms in this market.”

Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, (as provider of one of the loans) said: "pbb Deutsche Pfandbriefbank is pleased to provide this financing. Henderson Global Investors is a key client for us and we look forward to a continued relationship.”

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