pbb Deutsche Pfandbriefbank provided a £ 29 million (approx. €34 million) loan to a joint venture vehicle owned by funds managed by Mountgrange Investment Management LLP and AEW Europe/Tristan Capital Partners.
The proceeds will be used to refinance the Jeeves real estate portfolio. The transaction closed in March 2013. The 15 assets of the mixed-use portfolio (10 retail assets, 4 office buildings and 1 production warehouse) are located across England.
Charles Balch, Head of Real Estate Finance International Clients, UK & CEE at pbb Deutsche Pfandbriefbank, commented: “The UK offers opportunities. These opportunities are not only in the Greater London area but also across other parts of the country. Therefore we are delighted to have been able to support Mountgrange and AEW in this refinancing of a diverse regional portfolio with assets located across England”.
Sally Doyle-Linden, Chief Financial Officer at Mountgrange, commented: “We are very pleased to have established a new banking relationship with Deutsche Pfandbriefbank and look forward to working with them on this portfolio. The refinancing will support the day-to-day needs of our Jeeves joint venture. The jointly held mixed use portfolio is managed by Mountgrange and is one of many investments in the UK market where we specialize in investment, development and asset management.”
Source: pbb Deutsche Pfandbriefbank