Münchener Hypothekenbank has financed Amundi Real Estate’s purchase of Square 41 with a €20.7m loan.
It issued a five-year loan and the LTVs of MHB’s deals are usually between 50% and 60%.
The 7,200 sq m building at Mainzer Landstrasse 41-45 is fully let and was bought from Peakside Capital’s PREF II fund.
Amundi is the open-ended fund manager created out of the merger of the real estate investment management operations of Crédit Agricole and Société Générale last May.
Florian Mueller, deal manager at MHB said: “The German market is really competitive at the moment and I would expect that to continue this year mostly driven by a lack of core product.”
In 2014 MHB completed €1.1bn of real estate deals, €900m of which were in Germany. The remainder were in the UK, France, Benelux and Spain.