German lender HypoVereinsbank, part of the Unicredit Group, has provided a syndicated loan of €250 mln for the purchase of the Tower 185 office scheme in Frankfurt.
Dutch financial group ING took part in the syndicate providing €100 mln, according to German press reports.
Deka, the German real estate fund manager, confirmed on 30 November that it had exchanged contracts to acquire the landmark office skyscraper for about €775 mln.
The investment volume made this one of the largest single-asset real estate deals ever in Germany.
At 100,400 m2 and 50 floors, Tower 185 is the fourth tallest skyscraper in Germany and is largely let to PWC which occupies 71,000 m2 of the building. CA Immo owns a 33% stake in the property. The remainder is owned by a pair of German pension funds following a deal struck in 2013 that valued the building at €500 mln.
The vendors are Vienna-listed office landlord CA Immo, WPI Fonds SCS-Fis, Fagas Asset and an additional pension fund company. Ownership of the property will be shared by the open-ended real estate funds Deka-ImmobilienEuropa, WestInvest InterSelect and Deka-ImmobilienGlobal, as well as the WestInvest ImmoValue fund, an investment vehicle focussed upon institutional investors.
