A debt fund managed by DWS has completed a €65 mln junior loan to finance the development of four mixed-use buildings which form part of Quartier Heidestrasse (QH4) in central Berlin to be constructed by Taurecon.
Located in Europa City, QH4 is part of the landmark Quartier Heidestrasse redevelopment project set to transform the direct surroundings north of the central train station into an urban, mixed use precinct. QH4 will comprise an urban-concept 155-room hotel as well as residential units, office premises and retail focusing on food & beverage and amenities to new residential and office occupiers as well as provision for bicycles and car parking. The project is slated for completion between end of 2021 and early 2023.
‘We are thrilled to play a role in the Quartier Heidestrasse regeneration development, one of the largest development sites in Berlin,’ said Alexander Oswatitsch, head of European real estate debt for DWS. ‘This transaction reinforces our ability to provide competitive development financing solutions, and highlights our attractiveness as a real estate debt partner.’
Clemens Schäfer, head of Real Estate, APAC/EMEA added: ‘In this current market of uncertainty we have witnessed growing interest in junior real estate debt as an attractive alternative of integrating real estate exposure into client portfolios.’
DWS’s real estate debt platform covers European transactions through four offices located in London, Frankfurt, Paris and Madrid.
