11/30/2021 | Press release | Distributed by Public on 11/30/2021 03:00
Munich - BayernLB finances the acquisition of a Spanish grocery portfolio for Pradera. This six single asset encompassing portfolio is split across the Basque and Navarra regions. The grocery stores are let to Grupo Eroski, the leading grocery chain in the Basque region on long leases. All properties are located in micro locations with favorable catchment areas.
Pradera arranged the acquisition of the portfolio on behalf of one of Universal Investments special (SIF) funds, Nordrheinische Ärzteversorgung (NAEV).
Gunnar Rueffer, International Real Estate Finance of BayernLB Frankfurt, commented: "Grocery stores are one of the asset classes, which have demonstrated their durability during the pandemic. We are grateful that Pradera has relied on us to execute the transaction during those demanding times. We will continue to support real estate core investments for national and international investors across our targeted markets in Europe."
Peter Davies, Fund Director at Pradera commented, "We are very pleased to have worked with BayernLB on the financing of the Eroski portfolio which we acquired on behalf of Nordrheinische Ärzteversorgung. The cooperation between the parties was excellent allowing us to swiftly conclude the financing following the easing of restrictions. We look forward to working with BayernLB on the financing of the next portfolio."
Pradera is a leading retail real estate investment management specialist active in continental Europe, the UK and China. Founded in 2000, Pradera's €3.0 billion portfolio comprises 53 shopping centres and retail parks with more than 2,000 stores in the UK, Spain, Italy, Germany, Poland, France, the Czech Republic, Greece and Turkey (October 2021)
BayernLB is a leading commercial bank in Germany and has established itself as a streamlined bank for promising sectors of the German economy. The BayernLB Group is one of the country's top property financiers and asset managers. Through its Real Estate division, a core business area, the Bank finances proper-ty in all asset classes - offices, retail space, residential property, logistics centres and managed real estate. BayernLB's customer base is broad, ranging from project developers to private investors and housing companies, through to institutional fund sponsors and asset management companies. BayernLB's banking products include everything from short-term project finance to long-term commercial financing - incorporating government subsidy schemes and in conjunction with syndicate banks and savings banks. BayernLB is there for its real estate customers, both in Germany and elsewhere in Europe