Commerzbank and BayernLB finance two office buildings in the Lenbach Gardens in Munich
Τετάρτη, 22 Ιουλίου 2020 13:23In March 2020, Hines Immobilien GmbH, on behalf of two institutional investors, managed the acquisition of the two premium office buildings "Sophie" and "Karl" in the Lenbach Gardens in Munich. At the beginning of July 2020, BayernLB and Commerzbank granted a loan in the three-digit million range to the property companies for the partial refinancing of the investment. The loan was divided equally between the lenders. Commerzbank also acted as Arranger and Security Agent in the consortium. Facility Agent is Commerzbank Finance & Covered Bond S.A..
The two buildings called "Sophie" and "Karl", with a total of around 30.000 m² of rental space, are part of the Lenbach Gardens in Munich. The Lenbach Gardens located in the heart of the Bavarian state capital combine living and working in one neighbourhood. The high-quality and architecturally harmonious design of this neighbourhood in a prominent location near Stachus places the Lenbach Gardens as a real landmark property in the Munich center.
BayernLB and Commerzbank successfully completed the financing in cooperation with investors, Hines Immobilien and the legal advisors.
Siegfried Eschen, Head of the Center of Competence for Commercial Real Estate Finance at Commerzbank commented on the transaction: "We are pleased to provide this financing, in close cooperation with BayernLB, to our long-standing client Hines for such an exciting property in a prominent location in Munich. We look forward to continuing this trusted cooperation.
Bernd Mayer, Head of Real Estate Finance at BayernLB: “We are proud to successfully contribute to the financing of this trophy asset in the middle of Munich. The partnership-based and trusted cooperation and the detailed know-how of all project participants was the essential prerequisite this demanding transaction. The investors have acquired two high-quality buildings in a prime location with sustainable returns.”
Christian Meister, Managing Director Hines Immobilien GmbH: "The ensemble Lenbach Gärten is one of the best office properties on the Munich market and we are pleased to have been able to advise the owners on the acquisition and financing of this premium property. Sincere thanks go to the two syndication partners, Commerzbank and BayernLB, for a very quick and constructive financing".