pbb Deutsche Pfandbriefbank has provided an investment loan facility totaling €66.5 million for an office portfolio managed by GalCap Europe on behalf of an institutional client. The fund will utilise the proceeds for the refinancing of a mixed-use portfolio with assets in Budapest and Warsaw. pbb acted as arranger and sole lender under the facility.
The portfolio comprises six refurbished office buildings in central locations. The 50,000 sqm of gross lettable area predominantly consists of office space, which is complemented by small proportions of retail and restaurant as well as residential and hotel space. The portfolio is let to reputable tenants such as government institutions and other well-known national and international firms.
Marco Kohla, Managing Partner of GalCap Europe said: “We are convinced that the real estate markets of Central Europe offer exceptionally attractive investment opportunities. The mid- to long-term prospects are compelling. Our cooperation with pbb Deutsche Pfandbriefbank enables us to realize these opportunities in a timely manner.”
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: “We are very pleased to support GalCap in Central and Eastern Europe. The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities.”
Source: Property Forum (Online), 24.02.2021.