pbb Deutsche Pfandbriefbank has provided a 69 million senior facility to the fund Heitman European Property Partners IV (HEPP IV) for the acquisition of Marynarska Business Park, a prime office park in Warsaw.
The transaction closed on November 29, 2012. pbb is acting as arranger, sole lender and hedge provider of this transaction. Launched in 2008 and according to information from Heitman, HEPP IV has 505 million in equity commitments and is entering its final year of deploying capital in value-added property assets across Central and Eastern Europe.
Marynarska Business Park is a grade-A office complex with over 45,000 m² in Mokotów, Warsaw's largest office market outside of the city center. It was completed by Ghelamco in 2008 and major tenants include telecommunication companies Netia and P4 (Play).
Charles Balch, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank, said: "Heitman is a key client for us, particularly in CEE, and our relationship goes back more than ten years. This is our second transaction with HEPP IV and we are looking forward to continuing the good cooperation with Heitman across Europe. The financing also represents a continued expansion of our activities in CEE."
Source: Deutsche Pfandbriefbank AG