pbb Deutsche Pfandbriefbank has provided a €150m, three-year acquisition and development loan to die developer Projektentwicklung to build a 60 metre office tower in Düsseldorf, Germany.
The loan will finance the purchase of the scheme site in the business area of Kennedydamm and the construction of the 16-storey office building scheduled for completion at the end of 2017.
“The outstanding architecture and a strong anchor tenant will further upgrade the good office location, Kennedydamm,” said Gerhard Meitinger, head of real estate finance Germany at pbb.
The tower has attracted one significant pre-let: French cosmetics company L`Oréal will anchor the scheme by moving its German headquarters and 900 staff there.
The tower is designed by die developer and HPP Architekten and will have a total floor space of about 24,500 sq m plus 400 car parking spaces, most of which will be underground.
Düsseldorf-based die developer have completed a number of schemes in the city and is best know for its KöBogen mixed-use urban regeneration project in the heart of Düsseldorf.
pbb, which successfully floated in July, increased new real estate lending by 40% to €5.2bn for the first half of 2015, compared to €3.7bn for the same period last year. Almost half of the new lending, 45%, was originated in Germany, followed by the Nordic countries on 19% and the UK on 14%.