Hypo Real Estate Bank International announces that it has provided CHF 29.75 million (approx. €20m) of financing for the acquisition of a mixed use property in La Chaux-de-Fonds (NE), Switzerland, by a consortium of investors made up of Apollo European Real Estate Fund, REIT Asset Management Europe and REPISA. The purchasers were advised by SPG Intercity Geneva. The transaction closed on 7 March 2006.
The property is made up of offices, workshops and storage facilities and is let on a long term basis to subsidiaries of LVMH Group, including TAG Heuer S.A.
Apollo Real Estate, a leading private real estate investor, was founded by William Mack in 1993 and has invested over $4.7 billion in more than 200 transactions with an aggregate value in excess of $20 billion.
REIT Asset Management is a specialist investment finance and asset management partnership with a portfolio with a value of around €4 billion and offices in London, Mumbai, Munich, Tel Aviv and Stockholm.
REPI, Real Estate Participations & Investments SA is a Swiss private investment company.
SPG Intercity Geneva is a specialist in commercial property search and consultancy which offers services ranging from the strategic analysis of real estate portfolios to assistance in negotiating leases and sales or purchase contracts.
Commenting, Harin Thaker, CEO - Europe, said: We have again proven that our European business platform can deliver efficiently, successfully and quickly a structured finance solution for a key client.
Source: Hypo Real Estate