DekaBank has underwritten a senior loan with a seven-year tenor to finance the acquisition of an office tower on behalf of Generali Real Estate. The property comprises a 20-storey tower extending to 11,496m² which is known as K26 and is located directly in the city centre of Frankfurt.
The property benefits from a good tenant mix and is fully let with long-term contracts, to an anchor tenant plus a multi-tenant structure. K26 features BREEAM “Very Good” certification in line with Generali Real Estate’s ESG strategy.
Amar Latif who heads the German lending business for DekaBank said: “Timing was crucial for this financing given the market volatility. Therefore we provided a forward fixing to the Borrower to manage it’s interest rate risk. The combination of the low leverage, good fundamentals for K26 and quality Sponsor fitted in well with the Bank’s lending profile. We are pleased to build upon our European relationship with Generali by closing our first deal in Germany for them.”