pbb provided €35m to a fund managed by HighBrook Investors for the refinancing of acquisition equity as well as to finance capital expenditure for an office portfolio located at the canal belt in Amsterdam. In order to complete this capital expenditure HighBrook Investors has signed a joint venture with REB Projects who will be responsible for the development management.
The portfolio comprises three monumental office buildings located at Westermarkt, Herengracht and Keizersgracht which are considered prime locations. The properties were acquired during 2019. The current vacancy is significantly above the Amsterdam market average and provides the opportunity to increase the rental levels of the respective properties after the capital expenditures.
Norbert Muller, Head of Real Estate Finance Continental Europe West said: “We are glad, to support HighBrook in this new venture and to further strengthen our relationship.”