Deutsche Pfandbriefbank has signed a medium term loan facility of over £32 million (approx. €28 mln.) for a Far Eastern fund purchaser for the acquisition of 40 and 50 Eastbourne Terrace,Paddington, London. The financing represents new debt for a new client of the bank. Contracts exchanged on September 2, 2009.
The well-let properties consist of two office buildings let to a variety of tenants. The 83,000 ft² (approx. 7,700 m²) 40 Eastbourne Terrace, comprehensively refurbished in 2004, provides office accommodation on lower ground, ground and four upper levels at a total rent of just over £2.9 million pa.
50 Eastbourne Terrace, provides just over 60,000 ft², consists in three blocks, of multi-let office and retail accommodation at a total rent of £1.7 million pa.
Harin Thaker, Head of Real Estate Business International, comments: "Deutsche Pfandbriefbank, the Group´s strategic core bank, is originating and doing new business in core markets. We are delighted to welcome this new client to the bank and look forward to a long and successful relationship. This deal demonstrates our willingness to take on new clients selectively for the right deals and shows continued flexibility in our business model."
Source: Deutsche Pfandbriefbank AG