pbb Deutsche Pfandbriefbank and Helaba have jointly underwritten a €180 million senior acquisition facility to refinance a prime office park in Prague, The Park, which has been acquired by an affiliate of Starwood Capital Group. The transaction closed on July 18th, 2013.
pbb and Helaba are acting as Joint Lead Arrangers, pbb carries out the role as Facility and Security Agent.
The Park is widely regarded as the most successful suburban office Park in Central and Eastern Europe. Located next to the D1 highway in Prague’s Chodov district and next to one of the major metro lines, it is a master planned campus consisting of twelve buildings comprising 116,000 m² GLA. The Park was developed by AIG/Lincoln between 2003 and 2009. It is more than 99% leased to multinational companies like DHL, IBM, SONY, Accenture, Oracle, Dell, Honeywell, and many more.
Charles Balch, Head of International Clients, UK & CEE at pbb Deutsche Pfandbriefbank, commented: "This is one of the biggest transactions in the Czech Republic for a long time. Prague remains one of the most attractive investment markets in CEE and The Park is clearly a trophy asset.” Michael Kröger, Head of International Real Estate Finance at Helaba, said: “Helaba is very pleased to have been able to support Starwood Capital in its first major investment in the CEE region.”