Pbb Deutsche Pfandbriefbank and Deutsche Asset Management have provided pan-European investor Aerium with a £69 mln (€78 mln) refinancing package for an asset in London's Mayfair.
The mixed use property, at 49/51 Conduit St & 24 Savile Row, was redeveloped by Aerium in 2015. pbb provided a senior facility of £44 mln (€50 mln), whilst Deutsche AM, on behalf of German pension fund, BVK, provided a mezzanine facility of £25 mln. The transaction closed in May 2017.
'Pbb is delighted to have worked alongside both Aerium and Deutsche AM to finance this prime Mayfair property,' commented Charles Balch, head of international clients, UK & CEE at pbb Deutsche Pfandbriefbank. 'The transaction reflects a willingness to back the right property and to offer attractive senior financing solutions to our clients alongside lending partners such as Deutsche Asset Management.'
The building's 7,400 m2 retail unit is let to the Italian luxury designer Dsquared2 and serves as its flagship UK store. The upper floors offer 2,000 m2 of Grade A office accommodation which is fully let to a variety of tenants.
'The facility provides us with attractive and flexible funding options for the asset in addition to the opportunity to strengthen our long-term working relationships with pbb and Deutsche AM,' concluded Robin Carr, head of UK & co-chief investment officer Aerium.
