HSH Nordbank has provided the Cording Real Estate Group with €93 mln of financing for the acquisition of a commercial property portfolio in Germany priced at €143 mln.
Cording is acquiring the portfolio on behalf of a joint venture between Danish fund manager Sparinvest Property Investors and family office Esas Properties from Turkey.
'We are pleased to have secured HSH Nordbank as a financing partner that knows the real estate markets across Germany very well and brings considerable experience,' commented Rodney Bysh (pictured), Cording's CEO.
The ten properties with a total leasable area of around 103,000 m2 are situated in eight well-established office locations in western Germany, including Hamburg and Cologne. Around 90% of the total area is used as office space, and the occupancy rate is 97%. Tenants include Deutsche Telekom, BASF and Nokia.
'We are active in Germany because the local office real estate market is attractive due to a lack of new project developments and because we expect rents to continue rising,' added Bysh.
'In Cording, we have gained a competent and well-versed new client with excellent knowledge of the real estate business across Europe,' said Peter Axmann, head of real estate clients of HSH Nordbank.
UK-based asset and investment manager Cording, which focuses on Germany, the UK and the Benelux countries, currently has around € 2.4 bn in management mandates.
