Hypo Real Estate Bank completes SEK 2.47 bn senior financing for office portfolio in Stockholm (SE)

Hypo Real Estate Bank International is pleased to announce that it has provided senior acquisition financing of circa SEK 2.47 billion (circa €262 million) to a joint venture owned by Niam Fund III and the Whitehall Street Real Estate Funds. The financing, which closed on 1st September 2005, is in connection with the joint venture's acquisition of an office portfolio in Stockholm, Sweden, from the listed Swedish property company Fabege.

The portfolio consists of 146,398 m² of modern office properties divided equally between in Kista and Marievik, two well established office parks outside the Stockholm City center. Most of the portfolio is let on long leases to strong tenants such as Swedish State, Ericsson, Tele 2 and ISS.

Commenting, Harin Thaker, CEO-Europe, said: "I am delighted to announce another large, structured acquisition financing in the Scandinavian property market to key local and international clients. With the completion of this deal, we have underwritten more than €700 million in the Scandinavian property markets during 2005, clearly demonstrating our financing capabilities.

Source: Hypo Real Estate Bank International

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