Pbb Deutsche Pfandbriefbank has provided financing of 拢81 mln (鈧�114 mln) to US-based Harbert Management Corporation for the acquisition of a shopping centre in Inverness, Scotland.
Pbb Deutsche Pfandbriefbank has provided financing of 拢81 mln (鈧�114 mln) to US-based Harbert Management Corporation for the acquisition of a shopping centre in Inverness, Scotland.
The facility finances the acquisition of the Eastgate regional shopping centre in Inverness by Harbert European Real Estate Fund IV.
The 100-unit centre was developed in two phases with an extension opening in 2002. The site is immediately adjacent to Inverness railway station and is almost fully occupied.
Scott O鈥橠onnell, senior managing director of Harbert Management Corporation (Europe), said: 'Eastgate Shopping Centre is a dominant institutional quality asset that will deliver solid cash-on-cash returns from acquisition whilst offering significant potential upside going forward. We are pleased to work again with
pbb Deutsche Pfandbriefbank who have been supportive of our strategy of acquiring well located defensive assets.'
New business
Pbb Deutsche Pfandbriefbank listed on the Frankfurt Stock Exchange in July, some seven years after its previous incarnation, Hypo Real Estate, had to be nationalised in the aftermath of the collapse of Lehman Brothers.
In its first post-float performance filing, Pbb posted pre-tax profits of 鈧�112 mln compared to 鈧�83 mln for the first six months of 2014. The lender also reported new business of 鈧�6 bn, up from 鈧�4.3 in H1 2014.
