LONDON-Given the state of the banking system in Europe, any refi is a prize. But locally based Rockspring Property Investment Managers has pulled off a coup with its $369-million refinancing of its German Retail Box Fund.

The fund, which launched in 2005, has to its name 50 food-anchored retail warehouse parks and supermarkets. The bulk of this portfolio, more than 95% by value, is in the former West Germany. Prime Management Dsseldorf is the asset manager.

A “club” of five banks provided the funding, an accomplishment that the Berlin partner of Rockspring is understandably proud, given the drubbing the European banking system is experiencing. “Our successful completion of this refinancing in a highly illiquid debt-finance market clearly demonstrates the trust that these banks have in our strategy, platform and partners and underscores our leading position in the German out-of-town retail market,” says Stuart Reid.

“The deal also underlines the attraction of this retail asset class in Germany to both investors and debt providers,” he continues. “With this major refi in place, we're well positioned to take advantage of further interesting acquisition opportunities over the next couple of years.”

The so-called bank club was assembled by Rockspring group treasurer Andrew Grant Duff. The broker was SEB AG of Frankfurt.