pbb Deutsche Pfandbriefbank has provided a £39.125-million (approx. 44-million) facility to a subsidiary of Almacantar. The facility finances the acquisition of the Marble Arch Tower in London. This transaction was closed on June 23, 2011.
The Marble Arch Tower, one of the most prominent buildings in London's West End, overlooking Hyde Park consists of 166,000 ft² (15,000 m²) of mixed-use space. Situated at the corner of the western end of Oxford Street and the northern end of Park Lane, it comprises a 21-story office tower, shops fronting Marble Arch and Edgware Road and a cinema.
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "We are delighted to be providing financing to Almacantar for their purchase of this landmark building. The transaction is our first deal together and shows that we are also open to building new customer relationships".
Michael Halcrow, Finance Director of Almacantar said: "We are delighted to have started a banking relationship with Deutsche Pfandbriefbank and to have completed the financing for the purchase of the Marble Arch Tower within Almacantar's portfolio of London investments."
Source: pbb Deutsche Pfandbriefbank