pbb Deutsche Pfandbriefbank has provided a long term acquisition facility, in a total amount of €108 million, to a company managed by CBRE Global Investors on behalf of a German separate account. The transaction closed in January 2017. pbb acted as arranger and sole lender under the facility.
The facility finances the acquisition of the Letnany shopping centre in Prague. The vendor was Tesco. Letnany is a well-established shopping centre, originally built in 1999. It comprises 63,430 sqm of retail space, spread over more than 160 units, 3,550 sqm of office space, a petrol station and 3,200 parking spaces. It will continue to be anchored by Tesco’s Czech flagship store. Other tenants include Cinema City, H & M, Datart, Zara and SportsDirect.
