Partners Group, the global private markets investment manager, has provided €34 mln in mezzanine financing on behalf of its clients to support the €125 mln refinancing of a mixed-use commercial property portfolio in Germany. Pbb Deutsche Pfandbriefbank provided a senior loan of €91 mln.
The real estate portfolio is managed by Alpha Real Capital LLP and consists of 29 retail and logistics properties located across Germany with a highly diversified tenant base. The refinancing closed earlier in April 2015 and will support a value creation strategy focused on re-gearing short term leases, reducing vacancy levels and carrying out property-specific value add initiatives.
Paolo Bortolotti, Vice President, Private Real Estate Debt, Partners Group, comments: “This transaction was a great opportunity to work together with another leading European real estate lender to provide financing to a portfolio of properties with strong cash flows operated by an experienced sponsor. Partners Group's mezzanine solution provided the necessary flexibility to meet complex requirements and was structured at attractive terms for our clients.”