A club of banks arranged by pbb Deutsche Pfandbriefbank has jointly provided a EUR 308 mln facility to Accession Fund SICAV to finance an office and logistics portfolio across Central and Eastern Europe. German fund manager GLL Real Estate Partners acted as adviser to Accession Fund on the transaction which closed at end-March 2011.
A club of banks arranged by pbb Deutsche Pfandbriefbank has jointly provided a EUR 308 mln facility to Accession Fund SICAV to finance an office and logistics portfolio across Central and Eastern Europe. German fund manager GLL Real Estate Partners acted as adviser to Accession Fund on the transaction which closed at end-March 2011.
Deutsche Pfandbriefbank (pbb) is acting as agent for this financing transaction. UniCredit Bank Austria is underwriting half of the facility. The other bank in the club is BAWAG P.S.K (Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse).
The portfolio consists of 10 landmark office buildings in top locations in the capital cities of Warsaw, Prague, Budapest and Bucharest, as well as a logistics park near Warsaw. It comprises more than 200,000 m2 of Net Leasable Area (NLA) and is well leased to predominantly international tenants.
Accession was set up in 2004 to invest into prime real estate assets in the countries which acceded to the European Union from 2005 onwards. Its major investors are the European Bank for Reconstruction and Development (EBRD) as well as a number of German and international insurance companies.
GLL Real Estate Partners is a Munich based fund manager with more than EUR 4 bn under management.
