Landesbank Baden-Württemberg (LBBW) and Deutsche Pfandbriefbank AG (pbb) have provided €200 mln in senior project financing for an office development in Düsseldorf.
LBBW acted as arranger as part of a club deal for Cologne-based real estate company Pandion, which will own and develop the property. Pandion has also issued project-related subordinated debt security, subscribed to by a company managed by Collineo.
The Officehome Rise is being built in Düsseldorf-Unterbilk, as a new part of the Düsseldorf skyline and in the immediate vicinity of the media harbor. Scheduled for completion in 2025, it will offer around 36,000 m2 of rental space, including many options for configuring and designing offices according to individual specifications.
Part of the property is already rented, and Ernst & Young plans to move into around 14,500 m2 in May 2025.
Gerhard Meitinger, head of real estate finance Germany at pbb, said: ‘We are very pleased to be able to realize a new part of the Düsseldorf skyline together. The Pandion Officehome Rise project combines unique architecture with state-of-the-art office concepts and sustainable construction.’
Jens Pabelick, head of finance at Pandion, added: ‘The already advanced structural development of the Pandion Officehome Rise gives a glimpse of the enormous potential of our office building, which will offer state-of-the-art and highly functional office space at the southern entrance to downtown Düsseldorf. We are pleased that with LBBW and pbb we have two strong partners at our side who enable us to develop this sustainable urban building block for Düsseldorf.’
The building will be erected according to the KfW 55 standard, thus requiring only 55% of the energy of a conventional new building and is correspondingly environmentally friendly. In addition, the gold seal of the German Society for Sustainable Building (DGNB) is aimed for after completion of the property.
LBBW is Germany's largest government-owned regional bank, while pbb is one of Europe's largest specialist banks for commercial real estate financing. International law firm Bryan Cave Leighton Paisner advised the two banks on the senior financing.
