Protego Real Estate Investors has completed the refinancing of SEK2.5bn (£204m) of debt, used to buy its Swedish portfolio, with Swedish bank SEB.

The new debt deal will run for five years and is secured against the Swedish portfolio, part of Protego’s Nordic Retail Fund.

Protego has also secured an additional €60m (£47.7m) of senior debt for its two Finnish regional shopping centres in Rovaniemi and Lappeenranta, from SEB Finland and DnB Nord.

The refinancing and the additional loan come as many of Europe’s major lenders face turbulent times and debt continues to be increasingly difficult to secure.

David Turner, director for European investment at Protego, said: ‘The refinance of the Nordic Retail Fund’s Swedish and Finnish portfolios, indicates that the Nordic banks are in a stronger position than many other European based banks to offer competitive property finance at the present time.’

‘To a large extent, this is a reflection of the strength of the Nordic region’s economy, and the positive outlook compared to other parts of Europe.’

Meanwhile Protego has also formed a partnership with AF Group, the Swedish technical consulting firm aimed at making the properties of the fund as sustainable as possible.