Hypo Real Estate Bank International has provided a €200 million umbrella financing facility for The Accession Fund, an institutional property fund managed by GLL Real Estate Partners. The transaction closed on 28 February 2006.
The Accession Fund is targeting office, retail and logistics properties in Central and Eastern Europe, taking advantage of favourable market conditions in these countries that either have acceded to the European Union in 2004 or are scheduled to do so in 2007. GLL Real Estate Partners is a Munich and New York based real estate fund management company, partially owned by Assicurazioni Generali and Lend Lease Real Estate Investments. Founded in 2000, the company has approximately 3 billion under management.
The first investment funded under the umbrella facility is the acquisition of the International Business Centre, Warsaw. The International Business Centre is located in the Central Business District of Warsaw, comprising 17.300sqm prime office space, the majority of which is leased to PricewaterhouseCoopers. A second phase is scheduled to be constructed shortly.
Commenting, Harin Thaker, CEO - Europe, said: This transaction clearly demonstrates the way in which our European business platform works to deliver efficiently and successfully a highly structured finance solution for a key client. This is a multi-country facility for several markets in Central and Eastern Europe, a key focus area for our European business strategy. We are looking forward to working with GLL Real Estate Partners on their expansion in this region.
Source: Hypo Real Estate
