Rockspring Property Investment Managers has succeeded to refinance its Lloyds HBoS €282m capital market facility for its German Retail Box Fund (GRBF) eight months prior to the due date in September 2013. The club of five German lenders has offered a total of €275m. The five year loan remains Rockspring’s largest single facility, and was sourced from SEB AG (which acted as lead arranger), Landesbank Hessen-Thüringen Girozentrale, Deutsche Hypothekenbank (Actien-Gesellschaft), CorealCredit BANK and ING Bank.
This agreement should reduce risk for the fund and will allow Rockspring and the asset manager, Prime Management Düsseldorf, to continue to focus on its core value-add asset management program. GRBF was launched in 2005, focusing on retail warehouse parks and hypermarkets in western portions of Germany. Its gross asset value is nearly €650m.
