A syndicate of banks led by Deutsche Pfandbriefbank, MKB Bank and UniCredit has completed a EUR 384.5 mln refinancing with Dipol Holdings

A syndicate of banks led by Deutsche Pfandbriefbank, MKB Bank and UniCredit has completed a EUR 384.5 mln refinancing with Dipol Holdings
for its landmark WestEnd City Center in Budapest, Hungary.

Developed and managed by TriGranit and located next to the Budapest West train station, the centre comprises 49,700 m2 of retail and entertainment space, 20,900 m2 of offices, the WestEnd Hilton Hotel and a 22,300 m2 rooftop garden and park. It is recognised as one of the premier inner-city retail schemes of Central Europe.

Other banks involved in the syndicate include K&H Bank, MKB Bank and OTP Bank. Harin Thaker, Head of International Real Estate Finance at Deutsche Pfandbriefbank: 'Acting with MKB and UniCredit, as well as a valued underwriting group, we are pleased to have been able to provide
the owners of WestEnd, with this landmark refinancing facility.' Zsolt Szabó, of TriGranit Development, commented: 'WestEnd is proof that
prime quality centres with strong management and visible owners, like Mr. Demján, Mr. Munk and Mr. Csányi, can still serve as a safe harbour for the
international banks, in the rough seas of today’s real estate finance. We are proud that the majority of the banks in the new consortium have been involved in the financing of WestEnd for more than 10 years now.'

Deutsche Pfandbriefbank is the strategic core bank of the Hypo Real Estate Group. Deutsche Pfandbriefbank was formed in June 2009, as a result of the merger of DEPFA Deutsche Pfandbriefbank and Hypo Real Estate Bank.