Pbb Deutsche Pfandbriefbank has provided €36.5 million to finance the acquisition of four office buildings in Finland in the latest of a series of deals it has recently agreed in the strategically important Nordic markets.
The German bank approved the financing for Alma Property Partners, which has agreed a deal for an office complex located in the Keilaniemi office area of Finland’s second city, Espoo. The loan, which pbb said closed in April, comprises acquisition finance and a capex financing facility and will fund Alma’s refurbishment of the properties.
The multi-let properties comprise 24,500 square metres of lettable space, of which 18,000 square metres is office space. The Keilaniemi office area is viewed as strategically important due to the opening of a new metro station this year.
Earlier this month, pbb announced that it provided a SEK 410 million (€43 million) loan to recently launched Swedish investor Logistea to finance its first deal. The medium-term facility funds the acquisition of a 42,000 square metres logistics and office property located in the Swedish town of Landskrona, which closed in March. Logistea was established with the backing of Catella Corporate Finance.
In May, the bank announced a SEK 985 million (€103 million) investment facility to listed property vehicle Bråviken Logistik, to support the acquisition of a 139,000 square metres Swedish logistics portfolio. The sponsor was recently set up by Pareto Securities, an independent investment bank.
“The Nordics are a strategic market for pbb where we continue to see strong interest from clients. We are a proud partner of Alma Property Partners in what is their largest investment in the Nordics to date,” commented Norbert Müller, head of real estate finance continental Europe west at pbb.