This also represents the first direct debt investment for Allianz Real Estate in Sweden and with Eurocommercial Properties, a Euronext Amsterdam listed company with a market capitalization of around EUR 2bn. Eurocommercial is specialized in shopping center investments where it has a 25-year track record and is exclusively focused on France, Italy and Sweden.
The well performing asset comprises almost 33,000 sqm and is anchored by supermarket chain Coop as well as 70 additional tenants. The location is further strengthened by the presence of an IKEA store, making it the dominant retail location in the whole province of Värmland. Eurocommercial has already owned part of the asset since 2005 and acquired the fully refurbished second part late in 2015, thereby doubling its ownership in this location.
"This transaction presented a good opportunity for Allianz Real Estate to close a first financing deal with Eurocommerial in Sweden and to further diversify the investment portfolio geographically", commented Helmut Muehlhofer, Head of Debt Team in Munich .
In this transaction, legal advisors were DLA Piper for the lender and Wigge & Partners for the borrowers.