HSH Nordbank finances “Lilien-Carré” Shopping Centre in Wiesbaden

Banking, Consumers Market, Finance, News, Shopping — By on July 14, 2015 at 1:44 PM
Peter Axmann

Peter Axmann

HAMBURG/KIEL – HSH Nordbank is making available approximately EUR 82 million for the pro-rated refinancing of the acquisition and comprehensive refurbishment of a shopping centre in Wiesbaden to Orion European Real Estate Fund IV advised by Orion Capital Managers. The shopping centre was acquired in December 2014 without third party financing.

The “Lilien-Carré” shopping centre was opened in the “Südost” borough in 2007 and has a total of approximately 36, 000 square metres of lettable space on seven floors. 27, 000 square metres is leased to retailers, including anchor tenants Rewe, Saturn and Toys “R” Us.

The “Motel One” chain operates a 186-bed hotel, a further 3, 200 square metres is used as office space and there is parking for 1, 200 cars in multi-storey and underground car parks. The shopping centre is managed by “Acrest Property Group”, which is project managing the upgrade of the centre.

Orion Capital Managers L.L.P. (“Orion”) is a European real estate investment firm formed in 1999. Its business is commercial real estate investment management on behalf of major investors from around the world. Orion has significant shopping centre investment and development experience across Europe. Orion sponsored funds have current ownership interest in 13 shopping centres totalling approximately 1 million square metres of retail space. “We are pleased to have a relationship with HSH Nordbank and with its support we are confident of delivering a successful project, ” said Orion founding partner Van J. Stults.

Peter Axmann, Head of Real Estate Clients at HSH Nordbank: “Wiesbaden has a strong services sector and the purchasing power of Hesse’s capital is above the national average. Moreover, ‘Lilien-Carré’ has very good infrastructure links, which benefit the shopping centre and the hotel alike. The central location of the building complex near the main railway station also has a positive effect on the leasing of the office space.”

HSH Nordbank was advised by Taylor Wessing in the course of this transaction and Orion Capital Managers by Freshfields Bruckhaus Deringer.

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