German lender Pbb is providing Westbrook Partners (Westbrook) with the purchase financing for a high-quality real estate portfolio of eight first-class office and residential properties in Berlin and Potsdam.
'The Private Collection' portfolio comprises three well-located office buildings in the centre of Berlin, two residential buildings in attractive Berlin locations and three mixed-use office and residential buildings in the centre of Potsdam. In total, the almost fully let portfolio offers more than 19,000 m2 of lettable space, more than 70% of which is accounted for by office use.
Westbrook, an international real estate investment manager founded in 1994 and specializing in value-add real estate, recently acquired the portfolio in an off-market transaction. Westbrook plans to reposition its portfolio, implementing modernizations and ESG initiatives.
Gerhard Meitinger, head of Real Estate Germany at pbb, said: ‘We are delighted to provide Westbrook Partners with financing on the acquisition of 'The Private Collection' portfolio. Despite the ongoing Covid-19 pandemic, in addition to increased demand for residential properties, we continue to see strong demand for core office properties. In particular, we also support the implementation of forward-looking ESG initiatives.’
