17. Mai 2010 
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Oberschneider and Satnam secure €50 million loan in Estonia
Real estate developer Paul Oberschneider, with joint-venture partner Satnam Europe, today secured the largest retail refinancing in the Baltic region, securing a 50 million euro loan on their Estonian retail property portfolio through Swedbank.
The refinancing comes one month after the joint venture opened a 19,500 sq m retail property built for German home and garden chain Bauhaus. The store is Bauhaus’ first site in the Baltic region, and the largest DIY store in Estonia.
"Mr. Oberschneider and Satnam Europe are Swedbank’s long time business partners and we are pleased to continue the relationship in the coming years. The financing of the new Bauhaus store shows again that when there is trust between the partners and a good business idea, banks are willing to finance new projects" says Ero Viik, Head of Swedbank’s Real Estate Department.
The joint venture consists of six city center and prime suburban grocery anchored retail sites totaling 75,000 sq m, with a value in excess of 100 million euro. Hypermarket anchors in the portfolio include Scandinavian heavyweights Rimi and Prisma.
The refinancing comes one month after the joint venture opened a 19,500 sq m retail property built for German home and garden chain Bauhaus. The store is Bauhaus’ first site in the Baltic region, and the largest DIY store in Estonia.
"Mr. Oberschneider and Satnam Europe are Swedbank’s long time business partners and we are pleased to continue the relationship in the coming years. The financing of the new Bauhaus store shows again that when there is trust between the partners and a good business idea, banks are willing to finance new projects" says Ero Viik, Head of Swedbank’s Real Estate Department.
The joint venture consists of six city center and prime suburban grocery anchored retail sites totaling 75,000 sq m, with a value in excess of 100 million euro. Hypermarket anchors in the portfolio include Scandinavian heavyweights Rimi and Prisma.
