retail

'It all depends on the operator and how the asset is positioned,' says Nuveen’s head of debt capital markets, Europe and APAC.

The manager has provided the facilities to a partnership between Delancey and Tritax, and PineBridge Benson Elliot.

Record footfall and high occupancy across the estate’s retail and leisure is expected to help its owner tap up secured lenders.  

The senior debt held against the Spanish shopping centre is due to mature in March 2025.

The loan, for Dundrum Town Centre, replaces an existing €570m facility due to mature in September.

The finance director of the UK company’s investment adviser said diversifying its debt is a ‘natural’ next step.

Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.

The special servicer has accepted a bid for the underlying assets, which were hit by the crisis in UK retail.

The company’s managing director says its latest purchase is part of a growing portfolio of ‘essential real estate’ – for which lenders also have appetite.

With a €445m refinancing, Frankfurt's Palais Quartier – home to MyZeil shopping centre – highlights investor confidence in its prime location and strong occupancy.