pbb Deutsche Pfandbriefbank and Helaba have provided a €370 million loan to Prime Office AG for the refinancing of the German office portfolio “Homer”. The funds were provided on a 50/50 basis by pbb and Helaba, both acting as Co-Arrangers and Helaba as Agent. The transaction closed on 19 February 2014.
The “Homer” portfolio comprises ten properties consisting predominantly of offices and totaling around 255.000 m². Rented by companies such as Allianz, Zurich Insurance,Daimler and Deutsche Telekom, the properties are located in major German cities including Berlin, Düsseldorf and Frankfurt/Main.
Prime Office AG was created by merging Prime Office REIT-AG and German Acorn Real Estate GmbH (“German Acorn”) into OCM German Real Estate Holding AG (“OCM AG”) in January 2014. OCM AG was then renamed into Prime Office AG.
German Acorn and OCM AG were owned solely by funds advised by Oaktree. pbb and Helaba have a long-term relationship with Oaktree and German Acorn/OCM since 2007, the acquisition year of the “Homer” portfolio.