Pbb Deutsche Pfandbriefbank and Helaba have provided a €370 mln loan to Prime Office to refinance the German Homer portfolio.
Pbb Deutsche Pfandbriefbank and Helaba have provided a €370 mln loan to Prime Office to refinance the German Homer portfolio.
The funds were provided on a 50-50 basis by pbb and Helaba, with both acting as co-arrangers and Helaba as agent. The transaction closed on 19 February 2014.
The Homer portfolio comprises 10 properties consisting predominantly of offices and totalling around 255.000 m². The properties are located in major German cities including Berlin, Düsseldorf and Frankfurt/Main and are let to companies such as Allianz, Zurich Insurance, Daimler and Deutsche Telekom,
Prime Office was created by merging Prime Office REIT and German Acorn Real Estate into OCM German Real Estate Holding in January 2014. OCM was then renamed as Prime Office.
German Acorn and OCM AG were owned solely by funds advised by Oaktree. Pbb and Helaba have worked together with Oaktree and German Acorn/OCM since 2007 when the Homer portfolio was acquired.