Caerus IM has announced the completion of the phased implementation of a medium-term acquisition and re-financing debt facility with Germany’s pbb Deutsche Pfandbriefbank for ‘Futurama Business Park’ located in Prague, Czech Republic on behalf of and together with, a private separate account client. The amount of the facility is undisclosed.
The first two facilities were used to sequentially acquire Phase I and Phase III of the property in two separate transactions, namely from Invesco Real Estate (IRE) and Erste Group Immorent (EGI) which were respectively closed in late March and early June 2017.
Phase I was completed in 2009 and constitutes three modern class A, multi-tenanted office buildings with combined office and retail NLA of 19,300 m². Phase II was completed in 2012 and constitutes two modern class A multi-let buildings of 16,500 m², while Phase III is a brand-new office building completed in 2017 with 9,500 m² of premium office area, representing the final phase of the Futurama Business Park. The combined NLA is approx. 44,000m² of blue-chip tenants including BASF, Panalpina, Roche pharmaceuticals and Deutsche Börse/Clearstream.
Christopher Millen, Managing Director of Caerus IM said: "We are very pleased to have been able to conclude such a significant financing with pbb and consider this a milestone achievement in demonstrating that while still relatively small, our abilities and professionalism are recognized as being of an institutional standard. Our relationship with pbb is one we highly value and we look forward to concluding further transactions in CEE with their support during 2018 and beyond.”
Peter Koritschan, Managing Director of Caerus IM said: "Working with pbb on this complicated financing was the result of great work on both sides with our two internal teams and external legal counsels putting in a lot of hard work to structure around our requirements, resulting in what was a phased implementation of three separate facilities ultimately combined into one umbrella facility.”
Charles Balch, Head of International Clients UK & CEE at pbb Deutsche Pfandbriefbank commented: "It was a pleasure for our team to have cooperated with Caerus IM in this multi-tranche financing, and this transaction underlines our strong interest in the Prague office market, one of the most stable in CEE, as we look to deepen our exposure to the CEE region and complete further transactions with Caerus IM.”
