German lender DekaBank has arranged and fully underwritten a senior investment facility on behalf of German pension fund Ärzteversorgung Westfalen-Lippe (ÄVWL) and US privately-held developer-investor Hines which jointly acquired the Olympus Campus office project in Hamburg under the terms of a forward purchase.
The loan, whose amount was not disclosed, has been structured as a forward facility which will be drawn upon the completion and occupation of the building, expected in 2020.
Upon completion at the end of 2020, the Olympus Campus will provide around 47,000 m2 of rentable office space across 11 floors and 505 parking spaces. Approximately 38,000 m2 of the space will be occupied under long-term leases to Olympus, which will use it as its head office for Europe, the Middle East and Africa (EMEA). The remaining space has been leased to co-working provider Design Offices, also under a long-term agreement. The project is seeking gold-level certification under the DGNB environmentally-sustainable system.
Hines and ÄVWL bought the asset last summer from Campus Properties 1, a joint venture of German developer Zech Group and Japanese optical technology manufacturer Olympus, which will retain responsibility for the completion of the building.
