Pbb writes €117m across Czech and German office loans

The bank has written a debt facility of €66m to the open-ended fund ČS ne-movitostni fond.

Germany’s pbb Deutsche Pfandbriefbank has provided €117 million in loans to finance two office acquisitions in the Czech and German markets.

The bank has written a debt facility of €66 million to the open-ended fund ČS ne-movitostni fond, which is claimed to be the biggest real estate fund in the Czech market.

Reico, the Czech investor that owns the fund, used the proceeds to acquire the newly built Proximo I office building in Warsaw, Poland, from the developer Hines. The transaction closed in August.

The building is one of the two A-class office blocks in the Proximo complex located in the Wola district, which is based in the outskirts of the Warsaw central business district.

The asset offers a gross lettable area of more than 29,000 square metres. It is currently almost fully let to a mix of international and national tenants.
Pbb has also provided a €51 million loan to BlackRock, which has been used to fund the purchase of an office property in Hamburg, which closed in June. The debt facility will also fund reinvestments into the asset, especially for tenant improvements.

The office property is in Hamburg’s City South, which covers a large part of the Hammerbrook area and is regarded as an established and well-connected location.

Built in 2003, the financed property consists of two connected parts, with seven and eight floors respectively. Total lettable area is approximately 28,740 square metres, mainly for office floor space, but also for retail and storage space.

The property is rented to well-known tenants, including AXA and Daimler.