Deutsche Pfandbriefbank and Société Générale have jointly arranged a €475m (£393m) senior debt facility to refinance a German portfolio owned by Prime Office.
The facility and hedging was jointly underwritten by NATIXIS Pfandbriefbank, pbb, Société Générale Corporate & Investment Banking and a European debt investor brought by SG CIB.
pbb is also acting as facility and security agent of the transaction, which closed on 20 February 2014.
The office portfolio, known as Herkules, comprises 37 properties in 21 German cities with a “highly diversified multi-tenant base”.
The properties are spread over several federal states with a lettable space of circa 4.5m sq ft and are located mainly in the metropolitan areas of Germany including Frankfurt, Düsseldorf, Hamburg and Cologne.
Prime Office was created by merging Prime Office REIT-AG and German Acorn Real Estate into OCM German Real Estate Holding in January 2014. OCM was then renamed into Prime Office.
bridget.oconnell@estatesgazette.com
