pbb provides €52 million for Budapest acquisition
pbb Deutsche Pfandbriefbank provided an investment loan and a VAT facility totalling €52 million to an open-ended special alternative fund managed by Warburg-HIH Invest Real Estate. The fund will use the proceeds for the acquisition of the newly built White House office building in Budapest from developer GTC. pbb acted as arranger and sole lender under the facilities.
White House is a Class A office building. The asset is located within Budapest’s Váci Road corridor and is fully let to international tenants such as BlackRock, Jaguar Land Rover and Spaces. It offers a gross lettable area of around 22,300 sqm and the average lease term is over 8 years. The high environmental compatibility of the property has been verified by its LEED “Platinum” certification.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "We are very pleased to support Warburg-HIH across Europe and here with its Hungarian office acquisition. The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities.”