Deutsche Pfandbriefbank announced it is providing a medium-term loan facility of over £32 mln (EUR 36.6 mln) to a Far Eastern fund making acquisitions in London.
Deutsche Pfandbriefbank announced it is providing a medium-term loan facility of over £32 mln (EUR 36.6 mln) to a Far Eastern fund making acquisitions in London.
The unnamed fund is acquiring 40 and 50 Eastbourne Terrace in Paddington.
Deutsche Pfandbriefbank - the core strategic bank of the troubled Hypo Real Estate group - stressed that the financing 'represents new debt for a new client of the bank'. Contracts were exchanged on 2 September.
In a statement, the bank said the two office buildings are let to a variety of tenants. The property at 40 Eastbourne Terrace was refurbished in 2004 and comprises 7,700 m2 of space. It provides office accommodation on lower ground, ground and four upper levels at a total rent of just over £2.9 mln per annum. The second property is in three blocks and provides just over 5,500 m2 of multi-let office and retail accommodation at a total rent of £1.7 mln per annum.
Harin Thaker, head of Real Estate Business International, commented, 'This deal demonstrates our willingness to take on new clients selectively for the right deals and shows continued flexibility in our business model.'
