Allianz Real Estate has joined Aareal Bank and Helaba to provide a landmark EUR 650 mln loan facility secured against Centro in Oberhausen, one of Germany's biggest shopping centres. The financing was provided to a joint venture between the Stadium Group and the Canadian Pension Plan Investment Board who jointly own Centro, which is currently valued at approximately EUR 1.3 bn.

Allianz Real Estate has joined Aareal Bank and Helaba to provide a landmark EUR 650 mln loan facility secured against Centro in Oberhausen, one of Germany's biggest shopping centres. The financing was provided to a joint venture between the Stadium Group and the Canadian Pension Plan Investment Board who jointly own Centro, which is currently valued at approximately EUR 1.3 bn.

This is the first time that the German insurer has directly extended commercial property financing in cooperation with a banking syndicate after its move into senior property lending last year. Allianz provided EUR 325 mln of the overall facility and acted as agent and asset manager. Aareal Bank and Helaba each provided EUR 162.5 mln. Barclays and Santander acted as arrangers for the loan.

Centro is located in in the heart of the Ruhrgebiet, one of the largest conurbations in Western Europe with a core catchment of approximately 12 million people within a 60 minute drive. Centro provides approximately 160,000 m2 of lettable area, which is being extended by a further 17,000 m2. Peek & Cloppenburg, one of the largest high end fashion retailers, will anchor the new extension, which will open at the end of September 2012.

CMS Hasche Sigle acted as legal counsel for the lenders. Orrick Hölters & Elsing acted as legal counsel for the owner.