German lender pbb Deutsche Pfandbriefbank said that it has provided a credit facility of €43 mln to Revetas Capital Fund III for the acquisition of a newly built office complex called The Landmark, in Bucharest, Romania.
The acquisition of the asset, known as the Landmark, is being made by Central European asset manager Revetas together with Cerberus Capital Management. pbb acted as arranger and sole lender under the facility.
The office complex in Bucharest’s central business district provides 23,500 m2 of total lettable area and is let to several tenants on a long term basis.
'Revetas and Cerberus are long-standing clients of pbb and we are very pleased to accompany them into a market where institutional capital is once again finding opportunities,' said Charles Balch, head of international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank. 'pbb is cautiously re-entering the Bucharest market and in doing so, we will continue to look, very selectively, at similar opportunities with our existing clients.”
