- €51 million loan to finance purchase and redevelopment work
- Balch: "Hamburg office market holds potential – strong demand for top properties"
Munich, 9 August 2017 – pbb Deutsche Pfandbriefbank provided a €51 million loan to a project development company held by a fund managed by BlackRock. The funds will be used for the purchase of an office property in Hamburg, and will also provide for reinvestments into the asset, especially for tenant improvements. The closing of the transaction took place in June 2017.
The office property is located in Hamburg's 'City South', which covers a large part of the city's Hammerbrook area. City South is regarded as an established and well-connected office location, with open water and green spaces; it is also gaining im-portance as a residential quarter. Built in 2003, the financed property at Heideskampweg consists of two connected parts, with seven and eight floors re-spectively. Total lettable area is approximately 28,740 m², comprising approximately 23,440 m² of office floor space, plus approximately 3,600 m² of retail space and ap-proximately 1,650 m² of storage space. The property is rented out to well known tenants, including AXA and Daimler.
Charles Balch, Head of Real Estate Finance, International Clients, UK & CEE at pbb, said: "The Hamburg office market continues to show significant potential. De-mand for office properties in top locations is high. Blackrock is one of our interna-tional target clients: we appreciate their strong asset management expertise."
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com