Hamburg-based Deutsche Real Estate has secured a seven-year, EUR 231 mln refinancing arrangement with the London office of ABN Amro bank at comparable rates to the previous EUR 185 mln credit facility it replaces. The new deal gives the company about EUR 40 mln in additional liquidity.
Hamburg-based Deutsche Real Estate has secured a seven-year, EUR 231 mln refinancing arrangement with the London office of ABN Amro bank at comparable rates to the previous EUR 185 mln credit facility it replaces. The new deal gives the company about EUR 40 mln in additional liquidity.
Deutsche Real Estate had a portfolio of more than 30 properties, with a total 370,000 m2 of lettable area, in major German cities by the end of 2006. Some 57% of the assets were commercial properties, logistics accounted for almost 28%, while just under 14% were retail premises.
Summit Germany, a UK-based commercial property investment firm, completed the acquisition of a 76% controlling stake in Deutsche Real Estate in August this year. Around the same time Deutsche Real Estate bought an 8.700 m2 office building in Frankfurt and a 23,000 m2 logistics centre in Hamburg for a total of EUR 45 mln.
