Korean pension fund gets €219m loan

Helaba bank and Aareal step in to finance NPS’ French shopping centre, O’Parinor, which Rockspring Property Investment Managers sourced a year ago.

The National Pension Fund of Korea has received €219 million of financing from Helaba Bank for its 51 percent stake in the O’Parinor Shopping Centre outside of Paris.

The 90,500 square metre mall was bought by NPS Real Estate Projects Limited Partnership via manager Rockspring Property Investment Management almost a year ago.

In a statement today, Rockspring said Helaba – or Landesbank Hessen Thüringen Girozentrale to give the bank its full name – had acted as agent and arranger for financing, while Aareal Bank, also of Germany, was co-arranger for the debt facility, which has been securitised against the centre in the north of Paris.

Rockspring said it was one of the largest financing deals in France so far this year.

The loan will run for five years, with extension options for a further two years.
Rockspring acquired a 51 percent stake in the centre on behalf of its client in October 2010, with UK REIT Hammerson retaining the residual ownership and centre management. It is a regional, long established shopping centre with 90,500 square metres of gross lettable area, anchored by Carrefour, Fnac, H&M, C&A, Darty and Planet Saturn.