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pbb lends €150m for Düsseldorf tower

pbb Deutsche Pfandbriefbank has provided a €150m, three-year acquisition and development loan to die developer Projektentwicklung to build a 60m office tower in Düsseldorf, Germany. The loan will finance the purchase of the site in the business area of Kennedydamm and the construction of the 16-storey office building scheduled for completion at the end of 2017.

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.

die developer's 60m office tower in Düsseldorf
die developer’s 60m office tower in Düsseldorf

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%.

 

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