BayernLB finances Triuva’s double acquisition

BayernLB has provided a €72 million loan to a fund managed by Triuva, formerly known as IVG Institutional Funds, to finance the purchase of two office buildings in Germany.

The landesbank provided the loan to finance the purchase earlier this year of an office building in Hamburg for just under €44 million, plus a building in Frankfurt for around €100 million. The loan reflected a loan-to-value ratio of around 50 percent.

In April, Triuva bought the Hamburg office building from a fund managed by CBRE Global Investors. The complex comprises four buildings in the Ottensen district, covering a total rental area of around 14,000 square metres. In May, it bought the Meandris office building in Frankfurt’s Europaviertel district from Strabag Real Estate. The building was completed in 2014 and contains 21,000 square metres of space.

“We expect a gradual reduction in the yield gap and therefore value growth within sub-markets close to the city centre, like the Europaviertel,” Manuel DeVigili, head of investment management at Triuva said about the Frankfurt deal at the time.

Last September, IVG Institutional Funds rebranded as Triuva. The firm is Germany’s largest investment management firm for institutional real estate investors. IVG Immobilien remained a major shareholder in the company after the rebrand.