German lender Pbb said that it has provided a €65 mln investment facility to BNP Paribas REIM, for the acquisition of the Horizon office building in Dusseldorf, Germany.
BNP Paribas REIM will purchase the building on behalf of a French consortium comprising BNP Paribas Diversipierre, an open-ended real estate fund for private investors, as well as insurance companies Société Générale Insurance and BNP Paribas Cardif.
Pbb had already financed the development of the property, which was delivered by German developer DDP at the end of 2017.
The 60-metre-high scheme is located north of Dusseldorf's city centre and close to the trade fair. The building, which houses the German head office of French global cosmetics company L'Oréal, provides over 24,000 m2 of usable space and 400 parking spaces.
Gerhard Meitinger, head of real estate finance Germany at pbb, said the bank is expanding its pan-European business relationship with French investors BNP Paribas and Société Générale to include Germany.
