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Madrid

JLL advises Allianz Real Estate on the financing project of the Marineda shopping centre

MERLIN Properties, owner of the centre, is granted a mortgage by Allianz Real Estate for €133.6 million at a fixed interest rate of 2.66% over a term of 10 years.


​JLL's debt advisory team, has advised Allianz Real Estate on the financing project of the Marineda shopping centre in La Coruña, Spain. Allianz Real Estate has taken out a loan with the listed property investment company MERLIN Properties, owner of the centre, for €133.6 million over a term of 10 years.

The 100% bullet loan* has a fixed interest rate of 2.66% and will be guaranteed by the asset itself, which was purchased by MERLIN Properties last July from Invest Cos for €260 million.

With more than 15 million visitors in 2014 (15% up on the previous year), Marineda is the most important shopping centre in Galicia and the second largest in Spain. Opened in 2011, it has a total surface area of more than 500,000 m2, a gross leasable area of almost 196,000 m2, and 6000 parking spaces as part of the shopping and recreational complex of Marineda City.

Jorge Valenzuela, director of JLL Debt Advisory, Capital Markets: "This operation shows the capacity of the JLL debt advisory team to attract the most competitive money lenders on the international market to Spain. We feel very proud to have advised Allianz Real Estate on this financing project and very grateful for the confidence they have shown in our team. This is the first time that Allianz Real Estate has undertaken a financing project in Spain and the operation was completed under a number of differential and innovative conditions."