Pbb Deutsche Pfandbriefbank has provided a €65 mln facility to Prime Office Germany, a Norwegian investment fund managed by CR Investment Management, for the refinancing of an office portfolio.
Pbb Deutsche Pfandbriefbank has provided a €65 mln facility to Prime Office Germany, a Norwegian investment fund managed by CR Investment Management, for the refinancing of an office portfolio.
The closing of the transaction took place in December 2012.
The office portfolio comprises five properties in first-class locations in Hamburg, Frankfurt and Dusseldorf, including the Neuer Zollhof in Dusseldorf's Media Harbour area. The package, totalling 31,000 m2, has a diversified tenant structure with occupiers including Industrial & Commercial Bank of China and BVI, the German Investment and Asset Management Association.
'Germany is our biggest market,' said Gerhard Meitinger, head of origination Germany at Deutsche Pfandbriefbank. 'This portfolio financing allows us to exploit attractive opportunities at locations where we aim to reinforce our marketing efforts.'
The loan is the latest in a string of financings announced by Pbb in Europe over the past few days. Earlier this week, the lender said it provided a €50 mln loan to the Department of Bouches-du-Rhône in France to finance the construction and renovation of schools and to develop road infrastructure. It also agreed a three-year extension to its €169 mln senior facility to the Central European Industrial Fund (CEIF).
