Pbb loans Warburg-HIH €52m for White House deal

German lender pbb Deutsche Pfandbriefbank has provided an investment loan and VAT facility totalling €52 mln to an open-ended special alternative fund managed by Warburg-HIH Invest Real Estate.

According to the finance specialist, the fund is using the medium-term credit facility to complete the acquisition of the newly-built White House office building in Budapest.

This property, comprising some 22,300 m2 of space, was built by developer GTC Group in the summer of 2018 and holds LEED Platinum certification.

'We are very pleased to support Warburg-HIH across Europe and here with its Hungarian office acquisition,' said Charles Balch, head of international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank.

'The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities,' Balch added.

The asset is located within Budapest’s Váci Ut corridor and is fully let to international tenants such as BlackRock, Jaguar Land Rover and Spaces, with an average lease term exceeding eight years.

pbb acted as arranger and sole lender under the facilities.

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