Hypo Real Estate Bank International A.G. has provided circa 450 million of acquisition financing to New Star Asset Management. The seven-year facility will be used to provide the debt required for acquisitions to be made by New Star's Global Property Fund across Europe and Asia. The transaction completed on 27th October 2006.
Commenting, Harin Thaker, CEO Europe Hypo Real Estate Bank International, said: "This facility utilises the skills and expertise available within our local offices to provide New Star with a flexible financing solution that will support its acquisition programme on a pan Continental basis. We are delighted to assist New Star to build a global commercial portfolio by providing it with a truly innovative financing solution."
Commenting, John Mould, COO New Star Asset Management, said: "We selected Hypo Real Estate Bank International because it has global expertise and can provide a flexible financing solution which will assist New Star build a diversified global commercial portfolio. Most importantly, this facility allows us to move quickly to take advantage of strong investment opportunities as they arise."
Source: Hypo Real Estate