German lenders pbb Deutsche Pfandbriefbank and HSH Nordbank have provided German investor RFR Group with a loan of more than €200 mln for a skyscraper in Frankfurt.
The funds will be used to refinance the 47-storey hotel and office asset WestendGate. RFR already owned half of the property since 2012 and the loan enables the group to acquire 100% of the asset. British investor Stenprop previously owned the other half.
'We see great potential for the property, so we decided to buy the entire asset,' said Alexander Koblischek of RFR.
The building is located directly opposite the Frankfurt Trade Fair and has 46 floors. Around 35,000 m2 is used as hotel space, most of which is occupied by a 590-room Marriott hotel. Success Hotel Management also operates the Aparthotel Adagio on site. Around 17,000 m2 of the space comprises offices.
Pbb acted as lead manager in the club deal.