German lender Pbb Deutsche Pfandbriefbank has provided a £29 mln (€34 mln) loan to refinance a UK mixed-use portfolio.
German lender Pbb Deutsche Pfandbriefbank has provided a £29 mln (€34 mln) loan to refinance a UK mixed-use portfolio.
The loan was extended to a joint venture vehicle owned by funds managed by Mountgrange Investment Management and AEW Europe/Tristan Capital Partners.
The proceeds will be used to refinance the Jeeves real estate portfolio. The transaction closed in March 2013.
The 15 assets of the mixed-use portfolio (10 retail assets, four office buildings and one production warehouse) are located across England.
Charles Balch, head of real estate finance international clients for the UK and CEE at Pbb Deutsche Pfandbriefbank, commented: ‘The UK offers opportunities. These opportunities are not only in the Greater London area but also across other parts of the country. Therefore we are delighted to have been able to support Mountgrange and AEW in this refinancing of a diverse regional portfolio with assets located across England’.
Sally Doyle-Linden, CFO at Mountgrange, said: ‘We are very pleased to have established a new banking relationship with Deutsche Pfandbriefbank and look forward to working with them on this portfolio. The refinancing will support the day-to-day needs of our Jeeves joint venture.’
