DekaBank has underwritten a €41 million loan to finance the acquisition of a Munich office building by a real estate fund managed by BNP Paribas Real Estate Investment Management.
The loan was agreed on a floating rate basis for a six-year term.
DekaBank was the sole arranger, lender and hedging provider of the loan. Neither firm has disclosed the full price of the office building.
The six-storey building, which is known as The H20 and is located in the Moosach district of Munich, comprises 200,000 square feet of office space and is almost fully let.
“This financing builds upon our existing relationship with BNP Paribas REIM to provide a conservatively geared financing against a newly built and well-let property in one of Munich’s core office markets,” said Amar Latif, head of German real estate lending activities at DekaBank.
BNP Paribas acquired the office building on behalf of its Next Estate Income Fund II (NEIF II).
The firm closed the fund last June after surpassing its intended target of €500 million. Assets in Paris, Luxembourg, Dublin and Milan have already been acquired using capital from the fund and further assets, in the region of €150 million, will also be targeted.