DeAWM, pbb fund Indian office purchase in London’s Mayfair

Deutsche Asset & Wealth Management (DeAWM) and pbb Deutsche Pfandbriefbank have provided financing to Indian developer Indiabulls for its £155 mln (€193 mln) acquisition of an office property in London.

Located in the UK capital’s exclusive Mayfair area, 22 Hanover Square was acquired by Indiabulls from Scottish Widows Investment Partnership (SWIP) in June.

The mezzanine loan for the acquisition was acquired by RREEF Spezial Invest, part of DeAWM, on behalf of one of its institutional clients.

Indiabulls Real Estate is part of Indiabulls Group, an Indian real estate developer with projects spread across offices, commercial complexes and residential developments with over 223,000 m2 of projects under construction.

The company has long been active in the UK property market where it bought a stake in local property builder, Dev Property Development, in 2008.