Valad refinances six shopping centers

Valad Polish Retail Fund has secured a loan of €133 million form Helaba Landesbank Hessen-Thüringen for the refinancing of six shopping centres owned by the Valad Polish Retail Fund, Eurobuild CEE informed. The loan is secured against six shopping centres in the fund’s portfolio: Korona in Wrocław, Tulipan in Łódź, Ster in Szczecin, Rondo in Bydgoszcz, King Cross Praga in Warsaw and Kometa in Torun. "The refinancing follows the completion of a number of value enhancing asset management initiatives for the assets in the fund; these included several refurbishment projects and the largest retail lease in Poland last year to Auchan and to Schiever Polska, who leased 170,000 sqm of space in assets across the portfolio. Also, at the end of last month, we sold the Krokus Shopping Centre in Kraków on behalf of the Fund,” added Karol Pilniewicz, Valad Europe’s head of the CEE region. The Valad Polish Retail Fund is a closed-end fund comprising six first generation shopping centres and two hyper markets, totalling around 250,000 sqm, located in six of Poland’s key cities including Warsaw and Wrocław. The company manages €4.7 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe.