Edmond de Rothschild REIM, through the Edmond de Rothschild European High Yield I Real Estate Debt Fund and a dedicated fund, has provided €50 million of mezzanine debt for the acquisition of an office complex in Hamburg by B&L Group.
B&L Group signed the purchase contract to acquire the office complex from Generali Deutschland AG and Commerz Real AG in September 2021. Situated between Besenbinderhof and Norderstrasse, the buildings have a lettable area of over 67,000 square metres plus ancillary areas and 500 underground parking spaces. The senior acquisition loan was provided by a syndicate comprising pbb Deutsche Pfandbriefbank as mandated lead arranger, Hamburger Sparkasse and Berlin Hyp.
When the lease with the main tenant, Generali Deutschland AG, expires at the end of 2023, B&L Group will implement a comprehensive refurbishment that puts an emphasis on sustainability and amenities, enhanced by the landscaped courtyards. The property is only a five minutes’ walk away from Hamburg central railway station and will benefit from its planned expansion in the long term.
Read the full press release at the link below