pbb to provide finance of €39 million for the acquisition of two commercial properties by BEOS (DE)

pbb Deutsche Pfandbriefbank has financed the acquisition of two commercial properties in Cologne and Frankfurt for the BEOS Corporate Real Estate Fund Germany II. The volume of the transaction, which was completed in December 2012, is €39 million.

BEOS Corporate Real Estate Fund Germany II is a special real estate fund in accordance with the Investment Act. It is the second fund which BEOS AG has set up, and is targeted at German institutional investors. The acquired property in Cologne, with 'Carlswerk -Quartier 1' has a total rental area of 26,749 m².

The properties are almost fully let. The primary tenants are the publisher Bastei Lübbe and Bühnen der Stadt Köln. The Frankfurt property 'Campus Oberhafen', with total rental area of 37,460 m², is more than 90% let – the tenants include IPW/ Evonik Industries AG and Eterna Zentaris.

Gerhard Meitinger, Head of Origination Germany at pbb Deutsche Pfandbriefbank, says:
"Germany is an important market for pbb Deutsche Pfandbriefbank. The successful financing of the commercial properties with mixed use demonstrates the advantages of our local presence on the German market, where we have established as presence with locations in Berlin, Hamburg, Frankfurt/Eschborn and soon Düsseldorf. We intend to further enhance our longstanding relations with BEOS AG, an experienced manager for the asset class Light Industrial."

Source: Pbb

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