Commercial real estate financing
Frankfurt am Main, February 14, 2017 | Landesbank Baden-Württemberg (LBBW) and ING Wholesale Banking have refinanced an international portfolio of office real estate for a joint venture between US pension fund manager TIAA and the two Swedish national pension funds AP1 and AP2.
According to the agreement with the joint venture Cityhold Office Partnership (CHOPS), the two banks will each make available half of the financing totaling EUR 230 million. The agreement has a 10-year term. LBBW will act as agent. The real estate being financed includes the prestigious Atlantic-Haus and Burstah Offices in Hamburg. Both buildings together accounts for around two-thirds of the office space measuring almost 70,000 square meters in total. The portfolio further includes four smaller properties in very good locations in Paris.
"This pan-European transaction required local market knowledge as well as experience in international financing structures. Thanks to our know-how and the good collaboration with the customer and LBBW we were able to sign this demanding transaction within a short space of time", said Daniel Younis, Head of Origination at ING Real Estate Finance Germany.
"For institutional investors, professional handling and a high level of reliability are of crucial importance. Here LBBW is able to make full use of its experience in large-volume and complex financing", said Thorsten Schönenberger, responsible for the Real Estate business at LBBW. "It gives us pleasure to be able to offer to this renowned partner, in collaboration with ING, the tailored financing for this prime real estate."
ING Wholesale Banking
ING Bank, a Branch of ING-DiBa AG
Tel.: 069 / 27 222 66170
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 more than 200 employees based in the headquarters Frankfurt am Main who were in charge of a credit volume of more than EUR 15.5 billion by the end of 2015.
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
LBBW has a long-standing experience and an extensive know-how in commercial real estate financing. We provide tailor-made and innovative financing structures for large ticket commercial and residential transactions from offices in Germany, the UK and the USA.
As Arranger and Agent we are able to provide financings alone as a lead arranger but also are team players in managing and leading financing syndicates/clubs. Customer satisfaction and long-term business partnerships are our hallmarks. LBBW is active in major domestic and international real estate markets.