Hypo Real Estate Bank said it has provided EUR 138mln financing to GREP, a Luxembourg-based real estate investment vehicle. The facility is being used by GREP to refinance a commercial real estate portfolio comprising 91 retail and office properties located in German city centres, with a focus on North Rhine Westphalia and Bavaria.
Hypo Real Estate Bank said it has provided EUR 138mln financing to GREP, a Luxembourg-based real estate investment vehicle. The facility is being used by GREP to refinance a commercial real estate portfolio comprising 91 retail and office properties located in German city centres, with a focus on North Rhine Westphalia and Bavaria.
GREP's property portfolio covers the range of property segments: 35% retail, 30% office, 24% residential and 11% other uses. The properties are over 90% let.
'The senior facility will enable GREP, a commercial real estate investment fund advised by Geneva-based Even Capital, to increase its return on equity and to facilitate further acquisitions in the retail and office markets throughout Germany,' said Even Capital chief operating officer Bernard Mueller.
