US developer, investor and investment manager Hines has reached an agreement with German lender Eurohypo for the refinancing of its Zielo shopping centre in the Spanish city of Pozuelo de Alarcon, near Madrid. Eurohypo will provide a new financing facility of EUR 50 mln for the LEED-certified mall.

'Since its opening, Zielo has represented a success and has become a reference point for the shopping centre sector. We are proud of this project and intend to retain the asset,' said Miguel Ángel Ramos, managing director of Hines España.

The loan is understood to be the first commercial real estate financing provided by Eurohypo in Spain in 2011. 'Despite the difficult market conditions, this operation demonstrates once more that Eurohypo continues to be present in the Spanish market by providing new commercial real estate financings,' said Nicole Jürgensen, head of Eurohypo España.

With a Spanish portfolio of over EUR 6 bn, Eurohypo is one of just a few lending institutions still open for business in the country. In 2010, the German bank underwrote two new operations, the EUR 74 mln acquisition by WP Carey of 16 Eroski supermarkets and the EUR 87 mln refinancing of Episo's Eroski portfolio.

The Zielo scheme opened its doors in November 2009 and includes 42 shops across 16,000 m2 of retail space on three levels. Hines has invested around EUR 100 mln in the development of the mall, which was designed by architect Alberto Martín Caballero. Law firm Gómez-Acebo & Pombo advised Eurohypo, while Ashurst acted for Hines.