DekaBank provides financing for purchase of office properties in Los Angeles and Montreal (US/CA/DE)

On September 18, 2008, DekaBank Deutsche Girozentrale closed a US$175 million (ca. €118m) financing for Hines US Office Value Added Fund II, L.P. for the acquisition of Citigroup Center, a 48-story landmark office property in downtown Los Angeles. "The seven-year loan, fully underwritten and funded by DekaBank, is a perfect example of our long-term business strategy, which focuses on top tier assets in prime markets and relationships with strong sponsors," Dietmar Klein, Head of Real Estate Lending North America at DekaBank, commented.

As a further step into the Canadian market place, DekaBank recently originated a CA$79-million (ca. €46m) term loan for a consortium of private investors led by the Saputo family to acquire La Tour CIBC, a landmark office tower in the heart of Montreal's financial district. The 565,000-ft² Class-A office complex is substantially leased and home to several national tenants, including Canadian Imperial Bank of Commerce as well as Stikeman Elliott LLP and Miller Thomson LLP, two of Canada's largest law firms. The transaction also marks the second time, DekaBank and Allied Irish Bank ("AIB") teamed up on a real estate financing in Canada with AIB contributing CA$30 million (ca. €17m) towards the loan pursuant to the closing.

Source: DekaBank

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