Thursday, 19 February 2015
Deka Realkredit Klassik" debt fund acquires loan for German office portfolio (DE)
The "Deka Realkredit Klassik" debt fund has acquired a senior tranche of a commercial real estate loan with a volume of around €30 million from DekaBank. The tranche is part of the total financing of around €100 million provided by DekaBank as the sole arranger for the purchase of four office buildings in Germany.
The buildings were completed in 2008 and are located in Munich, Münster, Darmstadt and Bonn. They have a total leasable area of around 123,000m². The office building in Munich was extensively renovated again in 2011. The main tenant in the portfolio is Deutsche Telekom.
The loan provides an attractive margin compared to the current market environment and allows the Fund to further diversify its loan holdings in euros. The Fund currently has five German loans in its portfolio.
“Deka Realkredit Klassik” was launched in 2009 as the first debt fund under German investment law. The investment fund exclusively buys senior debt relating to existing commercial property. In respect of each prior-ranking tranche which “Deka Realkredit Klassik” acquires, DekaBank undertakes to hold a junior tranche equating to a minimum of 50% of the investment fund’s share until repayment of the loan. “Deka Realkredit Klassik” has fund assets amounting to approximately €470 million (as at 31 December 2014). Independent rating agency Scope rated the fund management of Deka Realkredit Klassik AA+ or very good.