Frankfurt am Main, September 7, 2017 – Lenders consortium of ING, BayernLB and pbb Deutsche Pfandbriefbank financed the acquisition of the Commerzbank Tower in Frankfurt for an Asian institutional investor.
As of 31st of July 2017, ING Wholesale Banking in Frankfurt has closed the acquisition finance of the Commerzbank Tower in Frankfurt with an SPV of an Asian institutional investor. ING acted as Sole-Bookrunner and Underwriter and will be the Facility Agent. BayernLB in Munich, also acting as Security Agent, and pbb Deutsche Pfandbriefbank in Munich/Unterschleissheim joined the syndicate shortly after signing the loan agreement. Each lender participates with a 1/3rd of the total commitment.
“We are more than happy to have significantly contributed to the successful financing of the Commerzbank Tower with our long-standing expertise in Real Estate Finance”, says Alexander Piur, Director Real Estate Finance Germany und Deal Principal at ING Wholesale Banking. “This transaction of one of the best-known landmark properties in Frankfurt underlines our strategy to finance core real estate buildings in the TOP-5 German cities.”
Bernd Mayer, Global Head of Real Estate, BayernLB: “At BayernLB, we have been financing the Commerzbank Tower for more than 20 years now. We are glad to be able to support this new financing again with our profound international real estate know-how and services in a circle of well-reputed business partners.”
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank said: “Commerzbank Tower is a Frankfurt landmark and we were happy to join the syndicate. The transaction highlights pbb’s flexibility to work with partners in different formats.”
The bank consortium was legally advised by Michaela Sopp from Linklaters Frankfurt/ Munich. The acquisition was structured by PATRIZIA Immobilien AG. On the legal side the purchaser was advised by Ashurst LLP with Derk Opitz (Finance) and Dr. Liane Muschter and Nicolas Deuerling (both Real Estate).
ING Wholesale Banking
ING Bank, a branch of ING-DiBa AG
T: +49 (0) 69 / 27 222 66710
About ING Wholesale Banking Germany
ING Wholesale Banking Germany comprises the corporate clients business of ING-DiBa AG and is part of the ING Group’s worldwide Wholesale Banking network with offices in more than 40 countries. ING Wholesale Banking offers banking services for large, internationally operating corporate clients.
In addition to traditional banking products such as Corporate Lending and Transaction Services, ING is a world leading name in structured & project financing concepts, complemented by capital market solutions. ING Wholesale Banking Germany has approximately 300 employees based in the headquarters Frankfurt am Main who were in charge of a credit volume of EUR 25.9 billion by the end of 2016.
More information about ING Wholesale Banking Germany: www.ing.de
About ING Real Estate Finance
ING Real Estate Finance is one of the leading financer for commercial properties worldwide with a business portfolio amounting to approximately 26.7 billion euros. With offices throughout Europe, Asia and USA, we provide our clients with services around the world. ING Real Estate Finance Germany is a division of ING Wholesale Banking Germany.
About BayernLB Real Estate
BayernLB, the Bavarian bank for the German economy, is a leading commercial bank for large and Mittelstand customers. The BayernLB Group is one of the leading property financiers and asset managers in Germany. Through its Real Estate division, a core business area, the Bank finances property in all asset classes – offices, retail space, residential property, logistics centres and managed real estate. BayernLB’s customer base is broad, ranging from project developers to private investors and housing companies, through to institutional fund sponsors and asset management companies. BayernLB’s banking products include everything from short-term project financing to long-term commercial financing – with the involvement of government subsidy schemes and together with syndicate banks and savings banks. BayernLB is there for its real estate customers both in Germany and elsewhere in Europe.
About pbb Deutsche Pfandbriefbank
pbb Deutsche Pfandbriefbank (www.pfandbriefbank.com) is a leading European commercial real estate and public investment lender. It a leading issuer of Pfandbriefe and an important issuer of covered bonds in Europe. Deutsche Pfandbriefbank AG is listed on the Frankfurt Stock Exchange. In addition to Germany, the main business focus is on the UK, France, the Nordic countries and selected countries in Central and Eastern Europe. In these core markets, pbb offers its customers a strong local presence with expert knowledge across the whole spectrum of the financing process. As a result of its competencies in loan structuring, its cross-border approach and co-operation with funding partners, pbb is able to complete both complex financings and cross-border transactions.