In one of the biggest financing transactions in Hungary in recent years, pbb Deutsche Pfandbriefbank and Erste Group Bank AG have jointly underwritten a €126 mln senior facility for a consortium led by Morgan Stanley Real Estate Investing. The group of investors also includes a leading Hungarian property developer and investor WING and the Austrian shopping centre manager and investor CC Real. The proceeds are being utilized to finance the acquisition of a prime real estate portfolio in Budapest. The transaction closed on July 31st, 2015. pbb and Erste Group are acting as Joint Lead Arrangers, pbb carries out the role of Facility and Security Agent.
The portfolio consists of MOM Park, an approx. 31,500 m² prime shopping mall with an adjacent office building of approx. 19,300 m² on the Buda side of the city. It also comprises the West End Business Centre, a prime, approx. 28,800 m² office building and EMKE, a smaller, approx. 13,700 m² office building on the Pest side of Budapest. The portfolio was acquired from a fund managed by AEW Europe.
Source: Deutsche Pfandbriefbank