Pbb Deutsche Pfandbriefbank has provided a €50 million loan to a vehicle managed by private investment company Ardian.
The loan finances the acquisition of the ‘Wappenhalle’ office complex in Munich. The loan deal was closed in January, pbb said.
The 35,000 square metres office complex includes a protected monument; the former terminal building of the historic Munich-Riem Airport. The anchor tenant of the complex is the ‘Wappenhalle Business Center’, which provides serviced offices.
In total, the property is leased to 24 tenants on long-term tenancies. It is located close to the ‘Messe München’ exhibition centre which many in the property industry know as the located on the annual EXPO Real trade fair.
“The property is in good structural condition, and connections to the Munich Trade Fair Centre and the transport infrastructure are excellent. The office market in Munich and the specific location around Messe München continue to develop positively; vacancy rates are generally low. Against this background, pbb was pleased to support this transaction as a financing partner,” said Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank.
“The Wappenhalle office premises and business park complex has a high-quality property offering and great growth potential. We shall continue to seek out such core-plus buildings of this type, as well as value added real estate, in Germany’s top-tier cities Munich, Frankfurt, Dusseldorf, Cologne, Hamburg and Berlin. We are delighted to have partnered with pbb Deutsche Pfandbriefbank as experienced partner and specialist for the Munich commercial real estate market for our first acquisition in Germany,” added Bertrand Julien-Laferrière, head of Ardian Real Estate.
Ardian has offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey and Luxembourg.