Lenders Pbb and Commerzbank have provided a €200 mln financing to Signature Capital for the acquisition of the Arrow office portfolio in Berlin.
The financing includes a facility to refurbish the buildings, which comprise four office properties in Berlin’s central districts of Mitte and Kreuzberg, with a total area of circa 35,000 m2, as well as an additional fully permitted development of circa 8,500 m2.
Both banks acted as co-arrangers and provided equal shares of the loan. Pbb acts as facility and security agent.
Signature Capital bought the assets together with PGIM Real Estate from a joint venture of Patrizia and PGGM Private Real Estate in a share deal worth some €300 mln.
Two properties are 94% and 69% leased, while two other are vacant and offer refurbishment and re-tenanting potential.
Gerhard Meitinger, head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank said: 'We are very pleased to support Signature Capital in this project to revitalize and expand four inner-city office complexes in the prime segment of the Berlin market. Signature has a proven track record both in Berlin and for such projects and we are very pleased to further strengthen our relationship with this partner as well as working together with Commerzbank.'
'Over the past few years, we have established a trusting customer relationship with the Signature Group in various project financings and are pleased to once again support a promising investment from Signature in the prospering Berlin market,' said Siegfried Eschen, head of the commercial real estate finance at Commerzbank.