Deutsche Pfandbriefbank has provided a \u00a340m facility to refinance Delancey and Dutch pension fund Algemene Pensioen Groep’s (APG) November acquisition of London’s Elephant & Castle Shopping Centre.
\nThe underlying asset is a central London shopping centre with ancillary offices,with a total net lettable area of 326,000 sq ft.<\/p>\n
The first phase of the redevelopment plans for Elephant & Castle, co-funded by pbb in December, is nearby on the other side of the Elephant and Castle station and forms part of the wider redevelopment of Elephant and Castle.<\/p>\n
Delancey and APG bought the Elephant & Castle Shopping Centre from Key Property Investments, the 50\/50 joint venture between St. Modwen and Salhia Real Estate Company, for \u00a380m in cash.<\/p>\n
The Delancey \/ APG joint venture is planning a residential and retail development to \u201ccomplete and complement the wider Elephant & Castle regeneration strategy\u201d.<\/p>\n
This will form a new \u2018South Village\u2019 district, and comprises a redevelopment of the Elephant & Castle Shopping Centre and the adjoining Tribeca Square project, which is already owned by Delancey\u2019s principal client fund DV4.<\/p>\n
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank said: \u201cWe are very pleased to continue our relationship with both Delancey and APG on an asset which we believe will be central to the regeneration of the entire Elephant and Castle area.\u201d<\/p>\n