pbb Deutsche Pfandbriefbank provided financing of approximately €63 million for a fund managed by Westbrook Partners. The loan has been used to finance the purchase of an office building in Munich's new "Werksviertel" quarter and will be utilized for its subsequent redevelopment. Fiduciary Capital is the project’s development manager, project manager and asset manager. The closing of the transaction took place in June 2014.
Located behind Munich's Railway Station Ostbahnhof, the "Werksviertel" is a new urban quarter, developed on a 38-hectare site, that will provide a place to live and work, combined with shopping, cultural and leisure facilities. The project comprises the full core and shell refurbishment of a 13-floor office tower as well as the partial demolition and re-building of adjacent buildings. The development has a total lettable area in excess of 21,500 m².
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: "We are providing the financing for the development of a prominent building, in the "Werksviertel", which is currently seen as one of the most exciting urban development projects in Munich. We are also delighted to have been able to provide financing for Westbrook’s first direct asset acquisition in Germany."
Zubin Irani, Managing Principal with Westbrook Partners, said “We are delighted to have worked with pbb Deutsche Pfandbriefbank in respect of the financing of this exciting new development, and look forward to developing our relationship further as we expand our investment in Germany. We are also delighted to be working with Fiduciary Capital to develop and re-position the asset.”
Source: pbb Deutsche Pfandbriefbank