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Deutsche AM refinances Aerium’s Mayfair portfolio

Deutsche Asset Management has closed a £57 million refinancing of real estate fund manager Aerium’s property portfolio in London’s upmarket Mayfair district.

Deutsche Asset Management has closed a £57 million refinancing of real estate fund manager Aerium’s property portfolio in London’s upmarket Mayfair district.

The Deutsche Bank Group asset manager provided the refinancing through its senior debt fund, which closed on €750 million in July 2015.

Andrea Vanni
Andrea Vanni

The loan is secured by three properties in Mayfair, containing 43,400 square feet of prime offices and 7,800 square feet of retail space. Two of the properties are located on Grosvenor Street and the third is on Savile Row.

“We are pleased to have worked alongside Aerium on this transaction – the quality of the assets, the location and the expertise of the team at Aerium aided us significantly in putting together a structured package that met the leverage requirements of the borrower whilst also recognising the risk profile of the portfolio,” said Andrea Vanni, head of European real estate debt investments at Deutsche Asset Management.

“The financing is an excellent representation of the institutional quality financing our senior fund is set up to do,” Vanni added.

“This refinancing further supports Aerium’s value-add strategy and highlights its expertise in converting vacant buildings into core office properties in prime locations throughout Europe,” added Robin Carr, director at Aerium.

In addition to its senior debt fund, Deutsche Asset Management won a €750 million investment mandate from German pension fund Bayersiche Versorgungskammer (BVK) in November. The two mandates will not co-invest.

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