German bank LBBW was the sole financier of the €800 mln PalaisQuartier acquisition carried out by Deutsche Asset & Wealth Management (Deutsche AWM) and Hamburg shopping mall specialist ECE.
German bank LBBW was the sole financier of the €800 mln PalaisQuartier acquisition carried out by Deutsche Asset & Wealth Management (Deutsche AWM) and Hamburg shopping mall specialist ECE.
Although the parties have agreed not to disclose the loan amount, LBBW said this is 'within the range typical of such finance' and added that 'there are no plans to syndicate the loan'.
'In this way, LBBW is demonstrating once again that it is able to execute even large-scale projects professionally in its core real estate finance business,' said Thorsten Schönenberger, global head of real estate at LBBW.
DeAWM is taking a 90% share in the Frankfurt asset while Hamburg-based ECE has invested 10% in the transaction and will assume management of the adjacent MyZeil shopping mall which forms part of the complex.
The vendor is KP Investments, part of Rabo Real Estate Group.
