Helaba has signed off a €230 mln development loan for the first German project of relationship client HB Reavis.
The German bank is financing the sponsor’s 52,000 m2 office redevelopment on Landsberger Allee in Pankow in Berlin, known as DSTRCT.Berlin.
Construction at the site of an historic former slaughter house on the north eastern side of the city centre began a year ago and the project is almost 50% pre-let, to tech companies Strato and Ionos.
HB Reavis plans to create a hub based on the meat packing district in New York which became popular with occupiers and workers in the creative industries.
Helaba previously backed HB Reavis via the €350 mln banking club package last year for Varso Place, a large office-led development next to Warsaw Central Station. That financing was said to the the largest construction loan ever in the Polish real estate market.
Jan Peter Annecke, head of real estate finance at Helaba, said: 'We are happy to support our long-time CEE customer HB Reavis with the financing of its first project in Germany. The DSTRCT.Berlin sets new standards in the future-oriented topics of connectivity and a health-promoting working atmosphere.'
