Paris-based URW, CPP Investments Secure $700M from Allianz, Helaba

By Mario Marroquin

Paris-based commercial real estate firm Unibail Rodamco Westfield (URW) and the Canadian Pension Plan Investment Board secured a $700 million refinancing package for a jointly owned retail center in Oberhausen, Germany, this week.

Allianz Real Estate and Frankfurt-based investment bank Helaba provided refinancing for the 1.3 million- square-foot (125,000-square-meter) Westfield Centro retail center. Allianz Real Estate, acting on behalf of a number of Allianz Group companies and third-party co-investors, provided $406 million in sustainability-linked debt. Helaba, which acted as co-arranger and agent, provided an additional $305 million towards the retail center.

CPP Investments first acquired a 50% stake in the Bavarian retail center from Stadium Group in May 2011.

Allianz Real Estate said in a prepared statement that the 1.4 million-square-foot retail center “showed excellent resilience during the pandemic due to its market position.”

CPP Investments, which held $539 billion AUM at the end of its fiscal year in March, has also been  actively investing in industrial real estate in South Korea and in U.S. multifamily.

Last week, the pension system announced its first private equity deal in Latin America for grocery retailer D1 of Colombia. CPP said it invested $334 million for a 19.3% stake in the retailer, which has opened over 2,000 stores since its founding in 2009.