AEW has invested €30m in senior secured debt financing for the purchase of a 40,000 sq m office block in Munich, the third-biggest office real estate market in Europe.
The investment is part of a senior loan totalling €147m to Blackstone, the deal sponsor, with a loan-to-value (LTV) of slightly below 60%.
This property underwent significant renovation in 2012 and is currently 85% occupied, with 26 separate tenants.
“We like the leasing profile. A number of good tenants in such a dynamic market as the Munich market tend to provide more resilient cashflow than a single tenant,” says Sylvain Deschamps, debt fund manager at AEW, an affiliate of Natixis Investment Managers.
You can now read the full press release at the link below