Frankfurt am Main, 16. November 2017 – pbb Deutsche Pfandbriefbank AG, Landesbank Baden-Württemberg (LBBW) and ING Wholesale Banking, acting as Mandated Lead Arrangers and Original Lenders, have provided the long-term financing for the "Sony Center" in Berlin for a joint venture of Oxford Properties Group and Madison International Realty with a total volume of EUR 625 million. In addition, pbb acts as a facility and security agent for the financing.
The Sony Center at Potsdamer Platz in Berlin was developed by Tishman Speyer on behalf of Sony and completed in 2000. The complex consists of eight buildings, including a 26-storey office tower, and offers a total of almost 112,000 square meters of space that is available for rent and currently being used, among others, by Deutsche Bahn, Facebook, Sanofi, Sony and the state of Berlin. All buildings have been constructed in accordance with the most advanced environmental standards and have been awarded the "Gold" certificate by the German Sustainable Building Council (DGNB).
„The Sony Center is a landmark in Berlin – we are therefore particularly pleased that we were able to support two renowned investors in their latest project as Mandated Lead Arrangers together with ING and pbb. Applying a cross-location approach, we were able to act as a competent point of contact and provide our customers with cross-border support ", says Thorsten Schönenberger, LBBW's Member of the Board of Managing Directors responsible for real estate and project financing.
„We are very pleased to finance an outstanding Berlin landmark property for Oxford and Madison. As a modern and energy-efficient building complex in prime location in Berlin l, the Sony Center is completely in line with ING's sustainability philosophy", says Daniel Younis, Head of Origination ING Real Estate Finance Germany.
Charles Balch, Head of Real Estate Finance International Clients at pbb, adds: "We were pleased to accompany the financing of this prominent Berlin building complex for the joint venture of the experienced real estate investors Oxford Properties Group and Madison International Realty and will continue to work closely with all partners involved in the transaction as a facility and security agent."
Landesbank Baden-Württemberg, pbb Deutsche Pfandbriefbank and ING Wholesale Banking were advised by the law firm Baker & McKenzie, Oxford Properties and Madison by Greenberg Traurig.
ING Wholesale Banking
ING Bank, a branch of ING-DiBa AG
T: +49 (0) 69 / 27 222 66710
T: +49 (0) 711 / 127 76432
pbb Deutsche Pfandbriefbank
T: +49 (0) 89 / 2880 28787
T: +49 (0) 89 / 2880 11496
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 Landesbank Baden-Württemberg
Landesbank Baden-Württemberg (LBBW) is a mid-sized universal bank that acts as central institution for the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. With total assets of EUR 244 billion and some 11,000 employees (as of 31 December 2016), LBBW is one of the largest banks in Germany. Its core activities revolve around the private and corporate customer business as well as business with savings banks. For many years, the bank has maintained its strong focus on commercial real estate financing, offering tailor-made and innovative financing solutions to private and institutional investors, real estate companies and housing associations for their large-scale investments in commercial and residential real estate. The bank serves key domestic and international real estate markets, concentrating on office, residential and retail properties. As an arranger of large-scale financing structures, LBBW provides a complete array of solutions - from long-term end financing to complex financing structures and project development, including interest rate and currency management.
About pbb Deutsche Pfandbriefbank
pbb Deutsche Pfandbriefbank (www.pfandbriefbank.com) is a specialist lender for commercial real estate finance and public investment finance in Europe and the United States of America. pbb is a major issuer of Pfandbriefe, which makes it also an important player in the European covered bond markets overall. pbb is listed on the Frankfurt Stock Exchange.
In real estate finance, the bank’s primary target of new business is professional real estate investors and developers. Core asset classes financed include office, retail, residential, logistics/warehouse properties and hotels. The regional focus is on Germany, the UK, France, the Nordic Countries, selected countries in Central and Eastern Europe and Spain. pbb is also active in selected regions in the US.