German lender Pbb said on Thursday that it has lent €35 mln to a fund managed by HighBrook Investors for the refinancing of acquisition equity as well as to finance capital expenditure for an inner-city office portfolio in Amsterdam.
In order to carry out the capex programme, HighBrook Investors has signed a joint venture with REB Projects which will be responsible for managing the development.
The portfolio comprises three monumental office buildings located at Westermarkt, Herengracht and Keizersgracht which are considered prime locations. The properties were acquired during 2019 and have a vacancy rate significantly above the Amsterdam market average. HighBrook will seek to re-gear leases and rent out vacant spaces following the capex programme.
Norbert Müller, head of Real Estate Finance Continental Europe West said: 'We are glad, to support HighBrook in this new venture and to further strengthen our relationship.'