pbb provides €43 million credit facility for the acquisition of The Landmark office complex in Bucharest
pbb Deutsche Pfandbriefbank has provided a credit facility of €43 million to Revetas Capital Fund III for the acquisition of the newly built office complex called The Landmark, in Bucharest, Romania. It is envisaged that an affiliate of Cerberus Capital Management will join Revetas in this transaction. pbb acted as arranger and sole lender under the facility.
The Landmark” is an A-class office complex in Bucharest’s central business district. It is the only business park in the heart of the Romanian capital, offering institutional grade specifications and flexible floor plates with an overall gross lettable area of over 23,500 sqm. The trophy office building is long term leased to a select array of strong international institutional covenants, together with ancillary retail space.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "Revetas and Cerberus are long-standing clients of pbb and we are very pleased to accompany them into a market where institutional capital is once again finding opportunities. pbb is cautiously re-entering the Bucharest market and in doing so, we will continue to look, very selectively, at similar opportunities with our existing clients.”