HSH Nordbank and pbb Deutsche Pfandbriefbank are providing syndicated finance for Atlas Tower GmbH & Co. KG, a subsidiary of the project developer STRABAG Real Estate GmbH (SRE), to develop the UPPER WEST building complex project in Berlin. HSH Nordbank is the mandated lead arranger for this transaction.
At almost 120 meters, one of the highest buildings in Berlin is being erected in the district of Charlottenburg, a location on the Kurfürstendamm which is steeped in tradition. 14 floors of this prominent building will provide office space while the lower 18 storeys are already leased to a hotel company on a long-term basis. A Skybar with a spectacular view is to be opened on the 33rd floor. The high-rise will be complemented by an adjacent, interlinked eight-storey building. Over-all, the UPPER WEST buildings will contain some 25,500 m² of office space, 5,500 m² of retail floor space and 21,000 m² for hotel use. Building is due to be completed at the end of 2016.
SRE is one of the leading project developers in Germany and belongs to the STRABAG SE Group of companies, one of the largest European construction groups. To date SRE has completed around 450 projects with a volume of some € 5 billion. One of its most important current projects is UPPER WEST, known as the “Atlas-Tower” at the beginning of planning. The complex will be built by Ed. Züblin AG, which also belongs to the STRABAG SE Group.
“We have financing partners with long-standing and profound market expertise at our side. This is a key prerequisite for the realization of UPPER WEST, a flagship project in the center of Berlin,” said SRE CEO Günter Nikelowski.
“The Berlin office property market numbers among the ‘Big Five’ in Germany. Providing finance in this metropolis is part of our and pbb’ core business. The location of the building in the middle of the city is ideal, both for the retail trade and offices and as a hotel site. STRABAG, the company responsible for completing the project, is a successful global player in the construction and project development sector and offers proven expertise in building high-rises,” said Peter Axmann, Head of Real Estate Clients at HSH Nordbank, for the finance providers.
Source: HSH Nordbank