MUNICH, July 17, 2012 /PRNewswire/ --
A WestImmo-led club and Pramerica have provided loans of €110 million to Value Retail for the refinancing of Ingolstadt Village. Westdeutsche ImmobilienBank AG acted as Arranger and Agent of a club comprising HSH Nordbank AG and Hypo Noe Gruppe for the senior facility. Pramerica provided a junior loan. The transaction closed in June 2012 and the proceeds from the facilities were used to repay existing debt and to finance transaction costs.
Ingolstadt Village is one of two luxury outlet Villages in Germany that host leading German and international fashion and lifestyle brands, the other being Wertheim Village (near Frankfurt). Both are operated by Value Retail within the Collection of nine Chic Outlet Shopping® Villages in Europe.
Ingolstadt Village, which has consistently achieved double-digit sales growth every year since opening in 2005. It continues to have exceptional appeal to a discerning customer base and has strengthened its position as a key international shopping destination. In 2011, total tax refunded sales generated by non-EU visitors were up by 22% compared to the same period last year. China, the Russia and the Middle East were the largest source markets for non-EU tourist visitors to Ingolstadt Village.
Value Retail was advised by CMS Cameron McKenna and Orrick Hölters & Elsing. Westdeutsche ImmobilienBank, HSH Nordbank and Hypo Noe were advised by Stephenson Harwood and Linklaters. Pramerica was advised by Berwin Leighton Paisner.
"We are delighted that our banking relationships have continued to support Value Retail so wholeheartedly. The refinancing of Ingolstadt Village, a property that has shown consistent success over the past seven years, is a well deserved vote of confidence in Ingolstadt Village's prominence as an important shopping tourism destination which continues to grow strongly."
Scott Malkin, Chairman, Value Retail
"The refinancing of Ingolstadt Village underlines once again the excellent lending relationship WestImmo has enjoyed with Value Retail over many years. As arranger and agent we, together with our partners HSH Nordbank and Hypo Noe, are very pleased to have closed this transaction in a challenging banking market and we congratulate Value Retail on the outstanding success of Ingolstadt Village."
Claus-Jürgen Cohausz, Chairman, Westdeutsche ImmobilienBank
"We are delighted to continue our relationship with Value Retail in supporting the refinancing of Ingolstadt Village through the provision of a junior debt facility from Pramerica's Real Estate Capital platform. The strong performance of the Village in a difficult economic climate is testament to the depth and expertise of the management combined with the sophistication of Value Retail's brand and retail offering."
Andrew Radkiewicz, Managing Director, Pramerica Europe
About Ingolstadt Village
Ingolstadt Village, one of the nine Chic Outlet Shopping® Villages, is located less than an hour from Munich and offers an exclusive luxury outlet shopping experience. With more than 110 outlet boutiques providing fashion and luxuries for the home, Ingolstadt Village offers the authentic previous seasons' collections of a unique selection of German and international brands with savings of up to 60% on the former recommended retail price, six days a week and all year round.
Bally, Furla, Michael Kors and True Religion Jeans are just a few of the international brands present, as well as boutiques of German designers including Bogner, St.Emile, Aigner and MCM. A carefully prepared selection of services available at Ingolstadt Village includes the Shopping Express™ daily coach service from Munich, Tourist Information office, and personal shopping. With a choice of restaurants and cafés, the Village has become a destination for visitors seeking a superior shopping experience and an enjoyable day out.
To find out more, please visit http://www.IngolstadtVillage.com.
About Value Retail
Value Retail, developer and operator of the nine Chic Outlet Shopping® Villages in Europe, is the only company that specialises exclusively in the development and operation of luxury outlet shopping Villages. Value Retail provides its guests with an outlet shopping experience unrivalled anywhere in the world.
The Villages are must visit international shopping destinations for European and global tourists. Today, Value Retail serves the world's leading brands through a unique retail proposition in these nine key European tourism markets.
Each Village offers brands exceptional growth, the development of new markets and an introduction to new customers. Value Retail delivers consistently improving performance, striving to build and maintain long-term partnerships with the brands it serves.
Value Retail's new venture to bring its distinctive Chic Outlet Shopping® Villages to China will see its first Village - Suzhou Village™ - located in historic Suzhou, 50 miles west of Shanghai. As with other members of the Collection, Suzhou Village™ will be defined by its offer of international luxury fashion and lifestyle brands, together with an exceptional level of service.
To learn more about Value Retail, please visit http://www.ValueRetail.com.
SOURCE Value Retail