September 11, 2013 - Assignment

Cornerstone Europe enters SEK 2.1 billion term loan facility with SEB and Deutsche Pfandbriefbank

NRF Sweden Holding AB, a subsidiary of Cornerstone Europe’s Nordic Retail Fund, has entered into a term loan facility agreement with Merchant Banking, Skandinaviska Enskilda Banken AB and Deutsche Pfandbriefbank AG with Merchant Banking, Skandinaviska Enskilda Banken AB appointed as agent. The purpose of the loans was to refinance existing loans and provide fresh capital for value enhancing asset management initiatives and capital expenditure programmes Cornerstone Europe is currently undertaking across the portfolio.

The Nordic Retail Fund is a EUR 1 billion collective investment property fund advised by Cornerstone Europe, currently invested in 14 retail assets in Sweden and three large shopping centres in Finland, with a total lettable area of 3 million sq. ft. NRF Sweden Holding AB, through its direct and indirect subsidiaries, owns and manages 14 retail assets in Sweden.

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers and a member of the MassMutual Financial Group. As at 31 March 2013, Cornerstone and its subsidiary Cornerstone Europe had over USD 40 billion of real estate assets under management.

Cornerstone Europe and NRF Sweden Holding AB were advised by Mannheimer Swartling. The firm’s team was led by Thomas Pettersson and included Veronica Stiller, Therese Jansson and Daniel Khayyami.