As arranger, pbb Deutsche Pfandbriefbank and HypoVereinsbank have together structured a credit to the amount of 224 million for the refinancing of HighLight Towers in Munich for Bürozentrum Parkstadt München Schwabing KG. pbb Deutsche Pfandbriefbank provided the larger share of the financing.
The property, HighLight Towers, as one of the few high-rise buildings in Munich is a striking office building in Parkstadt Schwabing, near the Mittlerer-Ring-Road and the A9-Motorway. The two transparent high-rise buildings made of glass and steel are 126 and 113 meters respectively in height.
They were designed by the renowned Chicagoan architect, Helmuth Jahn, and were completed in 2004. The towers have an office space of approximately 82,600 m² and a total of 750 parking spaces. 95% of the office space has been rented. Well-known tenants include Fujitsu Techology Solutions, Roland Berger Strategy Consultants, die Strabag and the Innside Hotel.
Maria-Teresa Dreo, Head of Real Estate Germany at HypoVereinsbank: "In light of the market environment which remains difficult, the funding of this highly attractive office building was a particular challenge. The focus for us was on a financing structure which was tailor-made for our customer. The financing of HighLight Towers is completely within the framework of our business strategy in which we concentrate on high quality, first class projects with top customers. Our very good capital resources helped us with this financing and are a stable basis for us to also be a reliable partner for our customers in the future."
Dr. Bernhard Scholz, Member of the Management Board at pbb Deutsche Pfandbriefbank and responsible for Commercial Real Estate Finance said: "This deal clearly shows pbb Deutsche Pfandbriefbank's new strategy with regard to real estate finance. We are concentrating on pfandbrief-eligible core markets in Europe, with particular focus on Germany. Moreover, pbb is once again available for its customers as financer for large-volume transactions which we can provide together with partners or syndicate as necessary."
Source: pbb Deutsche Pfandbriefbank