ING finances TH Real Estate's Cityhold partnership
TH Real Estate has been given a €231m financing package by ING for its Cityhold Office Partnership.
The 18-month facility covers six assets in the €2.2bn pan-European office vehicle, managed by the TIAA-CREF subsidiary for Sweden’s AP1 and AP2.
Jasper Gilbey, director at TH Real Estate and lead adviser of the investment vehicle, said the partnership was looking to implement a “more holistic long-term debt solution” to facilitate its investment programme.
TIAA-CREF and the Swedish buffer funds last month pooled their European real estate portfolios to create a €4bn joint venture over the next three years.
The portfolio includes offices in London, Paris, Munich and Hamburg.
A further nine assets, part of TIAA-CREF’s general account, will be added to the portfolio.
The current portfolio includes 12-14 New Fetter Lane and One Kingdom Street in London, the Tour Areva in Paris and Atlantic Haus in Hamburg.