pbb Deutsche Pfandbriefbank has provided an approx. £33-million (approx. 38-million) facility to AREA Property Partners, F&C REIT Asset Management and ESAS Holding.
The loan funds the acquisition of a portfolio of nine regional office properties across the UK. The transaction closed on November 1, 2011.
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "This is the second loan we have closed this year with F&C REIT Asset Management and AREA Property Partners, who are both long-standing pan-European clients of the bank, and we look forward to working with them again in the future."
Zvi Noé, Director of Investments at F&C REIT, commented: "We were delighted to have secured this loan with pbb Deutsche Pfandbriefbank. The deal allowed us and our partners to acquire a high quality portfolio in line with our investment strategy and we look forward to continuing our strong relationship with the bank going forward into 2012."
Source: pbb Deutsche Pfandbriefbank