German lender pbb Deutsche Pfandbriefbank has provided Pramerica Real Estate Investors with a 拢24 mln (EUR 28.8 mln ) five-year facility, secured against 55 Old Broad Street, which it recently acquired.
German lender pbb Deutsche Pfandbriefbank has provided Pramerica Real Estate Investors with a 拢24 mln (EUR 28.8 mln ) five-year facility, secured against 55 Old Broad Street, which it recently acquired.
Pramerica acquired 55 Old Broad Street, a 9,290 m2 mixed-use office property with retail space located in the Liverpool Street area of the City of London, out of receivership in July 2012 on behalf of client funds, for 拢54.1 mln. The property was originally purchased with equity and has been partially refinanced with this new facility.
'55 Old Broad Street is a very well-located, but under-managed building in the heart of the City of London which offers a number of repositioning opportunities to create value through asset management and tenant re-gearing,' said Charles Crowe, head of UK transactions at Pramerica Real Estate Investors.
Pramerica Real Estate Investors is the European arm of the real estate investment management and advisory business of Prudential Financial, which is headquartered in the US.
PREI has gross assets under management of $50.1 bn (EUR 39 bn) and net asset value of $33.8 bn at end-June 2012.
