Oxford Properties and Madison International have closed a €625 mln loan with a club of three banks to finance the Sony Center in Berlin.
As tipped by PropertyEU’s sister publication EuroProperty last month, ING Real Estate Finance is a mandated lead arranger for the financing, along with pbb Deutsche Pfandbriefbank and Landesbank Baden-Württemberg (LBBW).
The north American investors paid over €1.1 bn for the complex at Potsdamer Platz in the German capital.
Sony Center includes eight buildings with almost 112,000 m2 of space and was sold by Korea’s National Pension Fund Service advised by Hines.
ING’s head of real estate origination in Germany, Daniel Younis, said the bank was pleased to be financing ‘an outstanding Berlin landmark property’ with good green credentials.
It is the Dutch bank’s third trophy German asset financing this year, following a €380 mln loan for Tishman Speyer’s TaunusTurm and more than €400 mln lent on Commerzbank Tower, both in Frankfurt and the latter also with pbb as well as BayernLB.
Pbb will be facility and security agent for the financing. The banks were advised by the law firm Baker & McKenzie, Oxford Properties and Madison by Greenberg Traurig.
