ING Real Estate Finance has arranged a €250 mln financing for the Korean acquisition of the 166-metre Silberturm (Silver Tower) in Frankfurt.
ING Real Estate Finance has arranged a €250 mln financing for the Korean acquisition of the 166-metre Silberturm (Silver Tower) in Frankfurt.
IVG Institutional Funds said on 16 January it was selling the 32-storey office tower to a consortium led by Korean asset manager Samsung SRA. Hines advised the buyers.
The investment volume was not disclosed but it is believed to be in the region of €450 mln. The €250 mln financing would therefore equate to a loan-to-value ratio of around 55%.
ING Real Estate Finance acted as lead arranger and underwriter for the loan as part of a consortium with two other large German banks.
'We are pleased that this transaction allows us to build further on the success of the long working relationship between ING Group and Samsung in the area of commercial real estate, and to have participated in the successful acquisition of this landmark building,' said Simone Schmidt, director at ING Real Estate Finance Germany. 'Moreover, the roles of Hines as investment and asset manager as well as ING’s strong position in Asia have contributed to the successful financing of this unique property.'
ING Real Estate Finance Germany was advised on the transaction by Linklaters Frankfurt. Ashurst Frankfurt provided support to Samsung SRA and Hines.