Blackstone Mortgage Trust closes maiden Spanish loan with €72m facility for KKR

Blackstone Mortgage Trust (BXMT) has refinanced KKR’s €102.8m all-cash acquisition of two Spanish retail and leisure parks with a €72m five-year whole loan, reflecting the US and European-focussed mortgage real estate investment trust’s maiden Spanish loan.

BXMT logoThe whole loan, which reflects a 70% LTV, will finance the acquisition of the assets as well as a capex program.

KKR acquired the 523,589 sq ft Nassica Retail and Leisure Park, in Getafe in the southern outskirts of Madrid, and the 180,233 sq ft Vista Alegre Retail Park, a retail park in Zamora, from Pillar Retail Europark Fund (PREF) in January for €102.8m.

PREF, 65.3% owned by British Land, is a matured closed-ended fund now managed by INTERNOS.  

Nassica Retail and Leisure Park benefits from the mix of leisure operators (anchored by a Cinesa cinema), leading retailers such as Conforama, Worten, Toys R Us and Merkal as well as a Carrefour hypermarket and.  

Vista Alegre Retail Park is let to 14 operators including anchors AKI, Froiz and El Corte Inglés Oportunidades.

KKR is working with a local retail partner, Neinver, who developed Nassica and manages the adjacent outlet center. The business plan consists in repositioning Nassica and improving the tenant mix through a capex program to increase rent-roll and asset value.

The two Spanish retail assets were previously refinanced by Deutsche Pfandbriefbank (PBB) with a €61m senior loan.

BXMT had an unpaid balance of $3.48bn and is financed with six separate six credit facilities totalling $2.9bn, including two separate sterling-denominated facilities together accounting for £403m.

In March, BXMT extended a £78m development to finance Rowan and GI Partners’ £154.8m valuation of Aldwych House, which in undergoing a speculative redevelopment.

BXMT’s two-tranche floating rated loan is priced at above 400 basis points over LIBOR and includes a £28m facility for a capex line.

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
Gallery | This entry was posted in Lenders, Private equity real estate, Refinancings and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s