German investment manager Aukera Real Estate is refinancing the former building of the Deutsche Bundesbank in downtown Dresden, Germany.
The first-rate, secured loan amounting to €33 mln was granted through the Luxembourg-based Aukera Real Estate Debt Fund.
The loan will also be used to finance the further tenant fit-out of the listed property at St Petersburger Straße 2, which is owned by a Swiss-based real estate developer and manager. The 8,400 m2 property is fully leased, with the anchor tenants being the Free State of Saxony and the DKMS science lab.
The building, which was largely destroyed in World War II and rebuilt in the late 1990s, is located on the corner of Akademiestraße, next to the Kurländer Palais.
Markus Schulz, investment manager at Aukera Real Estate, said: ‘Even though we are generally rather sceptical about the office asset class, in this particular case the tenant mix from the Free State of Saxony and DKMS, the resulting high cash flow security, and the excellent location convinced us to go for this refinancing.’
Aukera was advised on the refinancing transaction by law firm Bryan Cave Leighton Paisner (BCLP).
With the latest financing, the loan volume concluded by Aukera since its foundation in July 2020 has increased to €1.39 bn.
