Mark Capital Management secures €320m loan from Blackstone

Mark Capital Management secured a €320 mln loan from Blackstone Real Estate Debt Strategies (BREDS).

The resources will be used to refinance a prime mixed-use retail and office portfolio in Oslo's city centre. 
This five-year loan, facilitated by Rothschild & Co and ABG, represents Blackstone's first real estate debt investment in Norway and is reportedly the country's largest single-tranche portfolio refinancing. 
The twelve-property portfolio, acquired in 2016 by a Mark-advised fund in partnership with a Middle Eastern investor, includes landmark assets like the historic Steen & Strøm department store. 
Located primarily on Oslo's prestigious Nedre Slottsgate, the portfolio is heavily weighted towards luxury retail, with a smaller office component. Gucci, Bottega Veneta, Hermes, Loewe, Saint Laurent, Moncler, Chanel, Louis Vuitton and Dior all occupy premises on the street, with Prada set to join later this year.
Marcus Meijer, CEO, Mark Capital Management, said: “The Promenaden portfolio represents Europe’s most concentrated set of luxury retail and Grade A office properties – effectively a compressed alternative to Bond Street in London or Via Monte Napoleone in Milan – and is Norway’s most prestigious high-end retail destination, located in the very heart of Oslo’s central business district. These qualities have drawn the attention of major international investors, as the refinancing from Blackstone demonstrates.”
Annette Lund, CEO, Promenaden, commented: “In partnership with MARK Capital Management, we have helped reposition the portfolio to attract nine of the top ten luxury brands globally. Our joint asset management initiatives, underpinned by a disciplined capex programme, have already generated significant value for our capital partners, and there remains further untapped potential that we will seek to unlock over the loan term.”
Stefano Tomaselli, managing director, BREDS, added: “We are pleased to finance this high-quality portfolio for Mark and its partners. This transaction is a great example of BREDS’ ability to provide large financing solutions with both speed and certainty of execution.”