Allianz has increased its debt financing for McArthurGlen Designer Outlet Parndorf in Austria by EUR93 million for owners McArthurGlen and Simon Property Group. The new financing takes Allianz’s total commitment to EUR185 million, including the initial loan provided in 2015. The financing, which covers Phases 3 and 4 of the property, was completed by Allianz Real Estate on behalf of several Allianz companies.
Parndorf is a prime, high-end designer outlet located outside Vienna, near Austria’s border with Hungary and Slovakia. It is managed by best-in-class outlet operator McArthurGlen.
Allianz Real Estate has financed three high-performing outlet centres managed by McArthurGlen: Roermond in the Netherlands in 2014, with a top-up in 2016; Parndorf in Austria in 2015; and Noventa di Piave (Italy) in 2018.
“We are delighted to be once again supporting Parndorf, one of Europe’s leading, premium designer outlet centres, which continues to perform very strongly. McArthurGlen is one of the foremost specialists in developing and managing outlet centres in Europe - a sector in which performance is driven by the quality of asset management - and this latest financing reflects the strength of our relationship and the strength of the asset,” said Roland Fuchs, Head of European Debt, Allianz Real Estate.
“We are extremely pleased to continue our long-time relationship with Allianz Real Estate. For over 15 years they have been trusted business partners, providing both debt and equity,” said Mark Epstein, Chief Financial Officer, McArthurGlen Group.