Cairn advises on Bern disposal
Cairn Capital has advised German investor Karl Bartel and the lender on the sale of the Wankdorf-Center in Bern, Switzerland, after a default under the loan-to-value covenant on debt secured on the retail and office asset. UBS Global Asset Management bought the six-year-old scheme for its Sima fund, Swissreal, and the UBS Foundation for the Investment of Pension Fund Assets.
ING REIM wins Korean mandate
ING REIM has won a mandate to advise Korean pension fund Public Officials Benefit Association (POBA) on investing £170m of equity and debt in London offices. POBA initially plans to buy one building for its UK real estate investment debut. With RREEF, ING is also advising the Malaysian Employees Provident Fund on investing up to £500m in Europe.
CREFC reveals seminar speakers
Heath Forusz, Deutsche Bank’s head of commercial real estate European capital markets, and Michael Zerda, director of LaSalle Investment Manage-ment’s Special Situations fund, are among the speakers at the Commercial Real Estate Finance Council’s next after-work seminar on today’s lending scene. It will be held on 6 July, with registra-tion from 5.30pm, at Allen & Overy’s offices at One Bishops Square, London E1. Details from Hannah Liebing, o20 7073 2815.
First German loan for Allianz
Allianz Real Estate has made its first loan in Germany: a €315m facility for a Deutsche Bank fund that manages the bank’s HQ in Frankfurt. Deutsche Bank agreed to sell and lease back the office to closed-end fund DWS for about €600m in March. DWS also plans to raise €350.7m of equity from retail investors.