Cornerstone Arranges $311M Refi of Kamppi Shopping Centre

HELSINKI, FINLAND—Cornerstone Real Estate Advisers has secured a $311 million (€240 million) refinancing loan from Nykredit for its Kamppi shopping centre, the largest shopping center in the Nordic Retail Fund, a collective investment group advised by Cornerstone.  Also, Stadium, the leading Swedish sportswear retailer, has signed a nine year lease for a new 4,600 sq ft (1,400 square meters) store on the first and second floors of Kamppi.

Nykredit, which previously financed the Fund’s acquisition of Kamppi in 2008 with a $311 million loan maturing in December 2014, has now agreed to terms for a new loan of the same amount that will mature in September 2017. The new loan, with an initial margin of 1.5%, also provides a revolving capex facility that will enable the fund to finance further asset management projects at Kamppi.