As Arranger, Sole Lender and Hedging Provider, Helaba provides €347 mln for a significant part of the Odin portfolio purchase in Germany by Orion European Real Estate Fund IV.
The financed portfolio consists of eleven properties spread over six German cities with a concentration in Hamburg and Berlin comprising approx. 178,000 m² of lettable space, of which 81% is currently let.
The top ten tenants with strong covenants - such as the Federal Institute for Real Estate Issues, Philips, or Reemtsma - account for 72% of the rental income and 57% of the lettable area.
Aref Lahham, Managing Director and a Founding Partner of Orion, says: “Orion assessed the quality of the portfolio to be superior compared to other German office portfolios that are currently being marketed. Many of the assets are located in the big seven cities and the portfolio is anchored by strong credit tenants. Orion’s business plan is to drive rental income by investing in the premises in order to increase occupancy levels and further institutionalise the assets.”