German lender Pbb Deutsche Pfandbriefbank has granted a €33 mln loan to a fund managed by Tristan Capital Partners for the acquisition of an office building in Prague.

German lender Pbb Deutsche Pfandbriefbank has granted a €33 mln loan to a fund managed by Tristan Capital Partners for the acquisition of an office building in Prague.

The facility will be used to acquire and upgrade an office block known as Praha City Center in Prague, Czech Republic.

The transaction closed in March 2014.

The fund, Curzon Capital Partners III, has agreed to purchase Praha City Centre from a German fund. The office building is located in downtown Prague, between the streets Klimentská and Petrská in the district of Prague 1. It comprises around 18,000 m2 of gross lettable office and ground floor retail area and 295 parking spaces, and is leased to a mix of Czech and International tenants.

'Together with Poland, the Czech Republic, and Prague in particular, remains an important investment market within the CEE region,' said Charles Balch, head of real estate finance international, UK & CEE at pbb Deutsche Pfandbriefbank.