Frankfurt, 6 September 2016 − Acting on the owners’ instructions, Kintyre Investments (“Kintyre”), the Frankfurt-based asset manager and real estate investor with c.750 million Euro of assets under management, has restructured the long-term financing of the BERO-Zentrum in Oberhausen. Helaba has provided a fixed-rate 86 million Euro loan on the property, for a term of seven years.
“In order to generate further added value, the BERO-Zentrum will be a long-term hold. The new long-term fixed-interest loan will provide the necessary planning security for the owner and asset manager”, comments Johannes Nendel of Kintyre Investments.
The shopping centre was extended by 18,000 sq m during a two-year reconfiguration period, ending in autumn 2015. It now has a lettable area of 44,000 sq m. More than 40 million Euro was invested in the upgrade. The centre is owned by a range of South African investors and an Israeli institutional partner, who acquired it jointly in 2011.
After the extension, the BERO-Zentrum, opened in 1971, now provides around 100 shops. The tenants, including the previous customer draws Kaufland, Aldi, dm, Intersport Bechtel, McDonald and BabyOne, have been supplemented by new Medimax, Kult, Action, Dänisches Bettenlager, Woolworth and Reno Schuhe stores. Situated in Oberhausen city centre, within walking distance of the main station, the shopping centre also includes cafés and restaurants, medical, physiotherapy and speech therapy practices, and accountancy and lawyer’s offices.
The transaction was facilitated by lawyers HSF and DLA Piper.