German lenders pbb Deutsche Pfandbriefbank and Landesbank Baden-Württemberg (LBBW) have jointly underwritten a long-term investment facility, totalling €300 mln, to refinance Pembroke’s Maximilianhöfe, a prime mixed-use asset in Munich.
Pbb Deutsche Pfandbriefbank and LBBW acted as joint lead arrangers and provided equal portions of the funding, with pbb acting as facility and security agent of the transaction.Comprising over 20,000 m2 of mixed-use space, Maximilianh?fe is one of Munich’s prime luxury retail destinations.
Located on Maximillianstrasse, Munich’s luxury retail street, the building is fully let and home to a range of international office occupiers, leading luxury brands and dining offerings, alongside 80 underground car parking spaces.
Charles Balch, head of international clients, UK & CEE at pbb Deutsche Pfandbriefbank, said: 'We are pleased to have worked with our partner LBBW to support the financing of this prime mixed use asset in Munich. This is the third transaction we have been able to complete with Pembroke and we would be happy to support them in Europe and the US.'
Patrick Walcher, global head of real estate at LBBW added: 'Alongside our financing partners at pbb, LBBW are pleased to announce the successful financing of Maximilianhöfe in this well-known and central location in Munich. We thank Pembroke for their confidence and look forward to developing our relationship further in Europe and in the USA. Pembroke’s long-term investment approach perfectly matches LBBW’s real estate lending strategy.'
