Pbb Deutsche Pfandbriefbank has provided a £53 mln (€65 mln) facility to Brockton Capital's Fund II for the acquisition and refinancing of a number of office properties in Thames Valley and West London.
Pbb Deutsche Pfandbriefbank has provided a £53 mln (€65 mln) facility to Brockton Capital's Fund II for the acquisition and refinancing of a number of office properties in Thames Valley and West London.
The facility will be used to finance the acquisition of Thames Tower, Reading, as well as to refinance the earlier acquisition of Minerva House, Reading, The Urban Building, Slough, Charter Place, Uxbridge and 1 Queen Caroline Street, Hammersmith.
Brockton plans to reposition the currently vacant, 650,000 sq ft (60,000 m2) portfolio through wholesale refurbishment and lease-up strategy.
The transaction closed on 13 May 2014. Launched in 2006, London-based Brockton Capital is currently investing for its second fund which raised £500 mln (€617 mln) of equity in 2010.