Deutsche Hypothekenbank has inked a deal to finance the Phoenixhof retail park in Hamburg for the Essen-Gruppe with a €44 mln loan.
'Thanks to its blend of different architectural styles consisting of historical factory buildings and contemporary structures, Phoenixhof is highly recognisable,' said Andreas Pohl, chairman of the board of Deutsche Hypo. 'We are delighted that we are able to finance this attractive complex for the Essen-Gruppe, a company that has been successfully operating on the Hamburg real estate market for many years.'
The complex is located in the Ottensen district of Hamburg and comprises office space, plus mixed-use properties that accommodate offices, retail space, bars and restaurants and a TV studio.
In addition to the portfolio financing, two other office buildings are being built on the site as part of a project development programme, expanding the complex by 6,000 m2 to 20,275 m2. The park's tenants are largely from the creative sector and innovative consulting companies.
The new Landmark 7 building was recently completed and has already been handed over to its main tenant, knowledge management specialist Sabio. In addition, digital firm Digital Masters have also taken space in the property.
