pbb provides €37 million medium term credit facility to JR AMC for the acquisition of the Porr Tower in Vienna
Deutsche Pfandbriefbank provided an investment facility of €37 million to companies managed by JR AMC Co., Ltd. (JR AMC) on behalf of a consortium of Korean Investors. The funds will be used to finance the acquisition of an office building in Vienna, known as Porr Tower.
Porr Tower is a landmark building in Vienna. The tower is 80 meters in height and comprises a floor space of more than 30,000 sqm. The 22-story office tower was built in 1999 and completely renovated to a high specification in 2015. It is leased long term to Porr AG, Austria’s second-biggest construction group. The extension of Vienna’s U1 underground line last year further improved the location. British asset manager Knight Frank Investment Management (KFIM) acted for JR AMC in the acquisition and will manage the property.
Charles Balch, Head of International Clients, UK & CEE at pbb said: “This is our first transaction with KFIM, and we are delighted to have supported them in this acquisition of a landmark building in Vienna. We are looking forward to working with KFIM again. The Vienna office market continues to be of interest to pbb, due to its stability which has attracted a number of international investors.”