Deutsche Pfandbriefbank completes €40 million investment financing for Altstadt Palais in Munich (DE)

Deutsche Pfandbriefbank AG announces that it has provided a €40-million investment financing facility for the refinancing of the Altstadt Palais office building located in Munich.

Altstadt Palais, Munich

The Altstadt Palais office building, located in Munich, was completed in September 2008.

The building is owned by UBS Wealth Management – Global Property Fund Ltd. The transaction was signed on July 10, 2009.

Shaftesbury Asset Management Group, acting as asset manager for Altstadt Palais, advised on the refinancing and the original acquisition.

Altstadt Palais is a prime new office building, completed in September 2008. It was acquired by UBS Wealth Management - Global Property Fund Ltd in October 2008. It is located on Karl-Scharnagl-Ring, a prime location close to the historical city centre of Munich. It comprises 11,049 m² of office space, is fitted to international standards, and is fully let to tenants with strong covenants.

Commenting, Harin Thaker, Head of Real Estate Business International: "This transaction is particularly important because we are originating – as planned – new business in Deutsche Pfandbriefbank, the Group's strategic core bank. At the same time, this cross-border financing highlights the strength of our international network."

Source: Hypo Real Estate Holding AG

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