Germany’s Pbb Deutsche Pfandbriefbank has provided a €63 mln loan to Westbrook Partners to finance its acquisition and redevelopment of an office building in Munich.

Germany’s Pbb Deutsche Pfandbriefbank has provided a €63 mln loan to Westbrook Partners to finance its acquisition and redevelopment of an office building in Munich.

The property is located in the new Werksviertel urban quarter behind the city’s Ostbahnhof railway station. The project comprises the full core and shell refurbishment of a 13-floor office tower as well as the partial demolition and rebuilding of adjacent buildings. The development has a total lettable area in excess of 21,500 m2.

Fiduciary Capital is the project’s development, project and asset manager.

Gerhard Meitinger, head of real estate finance for Germany at pbb Deutsche Pfandbriefbank, said: ‘We are providing the financing for the development of a prominent building, in the "Werksviertel" – which is currently seen as one of the most exciting urban development projects in Munich. We are also delighted to have been able to provide financing for Westbrook’s first direct asset acquisition in Germany.’

New York-headquartered Westbrook Partners is a privately owned, fully integrated real estate investment management company with offices in the US, London, Munich, Paris and Tokyo.