Deutsche Pfandbriefbank AG has provided a medium term 65 million investment financing facility for the refinancing of the Atlantic Haus office building in Hamburg, Germany. The building is owned by UBS Wealth Management - Global Property Fund Ltd.
Shaftesbury Asset Management Group, acting as asset manager for Atlantic Haus, advised on the refinancing and the original acquisition.
This is the second transaction of new debt provided by the Bank to UBS Wealth Management - Global Property Fund Ltd, following the 40 million investment financing facility of the Altstadt Palais prime office building in Munich last July. This new transaction was signed on September 15, 2009.
Atlantic Haus is a prime office building located in Hamburg's Neue Hafenkrone development in the St.Pauli district. It consists of a 21-story tower and three 8-storey wings and was completed in March 2007. It comprises 32,466 m² of office space and 415 parking units, is fitted to international standards and is c. 85% let to tenants with strong covenants.
Harin Thaker, Head of Real Estate Business International commented: "This second transaction, following the recent refinancing of Altstadt Palais in Munich in July 2009, further demonstrates our successful relationship with Shaftesbury Asset Management and UBS Wealth Management Global Property Fund Ltd across Europe and again proves the willingness of Deutsche Pfandbriefbank, the Group's strategic core bank to originate new business in our core markets."
Source: Deutsche Pfandbriefbank AG