German property lender pbb Deutsche Pfandbriefbank has provided the Heitman European Property Partners IV fund (HEPP IV) with a EUR 60 mln facility for the acquisition of two office properties in Budapest. The acquisition was one of four transactions carried out by US-based investor Heitman in Europe during December 2011.
German property lender pbb Deutsche Pfandbriefbank has provided the Heitman European Property Partners IV fund (HEPP IV) with a EUR 60 mln facility for the acquisition of two office properties in Budapest. The acquisition was one of four transactions carried out by US-based investor Heitman in Europe during December 2011.
The financing relates to HEPP IV's acquisition of two office properties, Science Park and Alkotas Point, from London-based Aviva Investors. The financial details were not disclosed.
Harin Thaker, head of real estate finance international at pbb Deutsche Pfandbriefbank said: 'Although our relationship with Heitman goes back more than 10 years, this is our first transaction with HEPP IV. We have always regarded Heitman as a key client and we were one of the first lenders to their earlier funds across CEE. Now we are proud to re-establish a relationship with them'.
HEPP IV was launched in 2008 and has EUR 505 mln in equity commitments. The fund is entering its final year of deploying capital in value-added property assets across Central and Eastern Europe.
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