German lender Pbb Deutsche Pfandbriefbank has provided an investment loan facility totalling €66.5 mln for an office portfolio managed by GalCap Europe on behalf of an institutional client.
The fund will use the proceeds for the refinancing of a mixed-use portfolio with assets in Budapest and Warsaw. pbb acted as arranger and sole lender under the facility.
The portfolio comprises six refurbished office buildings in central locations and offering a total of 50,000 m2 of gross lettable area, predominantly consisting of office space, complemented by small proportions of retail and restaurant as well as residential and hotel space.
The portfolio is let to reputable tenants such as government institutions and other well-known national and international firms.
‘We are convinced that the real estate markets of Central Europe offer exceptionally attractive investment opportunities,’ said Marco Kohla, managing partner of GalCap Europe. ‘The mid- to long-term prospects are compelling. Our cooperation with pbb Deutsche Pfandbriefbank enables us to realize these opportunities in a timely manner.’