Deutsche Pfandbriefbank has provided a EUR 40 mln investment financing facility for the refinancing of the Altstadt Palais office building in Munich, the bank said on Thursday.
Deutsche Pfandbriefbank has provided a EUR 40 mln investment financing facility for the refinancing of the Altstadt Palais office building in Munich, the bank said on Thursday.
The building is owned by UBS Wealth Management - Global Property Fund Ltd. The transaction was signed on 10 July 2009. Shaftesbury Asset Management Group advised on the refinancing and the original acquisition.
Altstadt Palais is a prime new office building, completed in September 2008. It was acquired by UBS Wealth Management - Global Property Fund Ltd in October 2008.
Commenting on the deal, Harin Thaker, Head of Real Estate Business International said: 'This transaction is particularly important because we are originating - as planned - new business in Deutsche Pfandbriefbank, the Group's strategic core bank. At the same time, this cross-border financing highlights the strength of our international network.'
