Second construction phase of Wertheim Village almost complete
June 27, 2006 - Westdeutsche ImmobilienBank (WIB) London has led a consortium providing a structured finance package to Wertheim Village with a total credit of €83.3 million.
Wertheim Village is part of the network managed by Value Retail, a leading European operator of outlet centres and longstanding customer of WIB for several years.
The funds have been used to refinance the first building phase and to finance the second phase, which is still under construction.
The first phase of construction was completed and Wertheim Village, the first outlet centre developed by Value Retail in Germany, opened in November 2003. The second phase will be completed in September 2006.
Wertheim Village is on the A3, around 85km south of Frankfurt. Since its opening, it has proven extremely successful both in turnover and visitor numbers. Tenants include renowned national and international fashion brands, with regional brands also. All retail units in the first phase of construction have been leased. Negotiations with leaseholders in the second phase are almost complete; most of the units have already been leased.
WIB is a wholly-owned subsidiary of WestLB and the specialist for all real estate finance and transactions within the WestLB Group. In addition to its locations in Mainz (headquarters) and Münster, it has branches in Düsseldorf, Hamburg, Munich and Mannheim (Germany) and London, as well as representative offices in Madrid, New York, Paris and, in future, Warsaw.
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