pbb Deutsche Pfandbriefbank provided a medium-term acquisition facility totalling €28.2m to entities managed by HighBrook Investors. The loan will partially finance the acquisition of Boompjes 258 in Rotterdam.
Boompjes 258 is a landmark building in the city of Rotterdam with around 16,000 m² lettable space. It is the Dutch headquarter of Ernst & Young, who recently extended their lease on a long-term basis. In the past year, the public areas were renovated and catering space was added as a first step to upgrade the building.
HighBrook will further refurbish and let up the remainder of the building to create a multi-let product with a diverse income stream. Norbert Muller, Managing Director of RE Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “The Benelux and especially The Netherlands are promising markets for pbb. We are happy to further expand our exposure in Rotterdam and to deepen our relationship with HighBrook.”