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Banks join forces to finance Berlin’s Sony Center

Jordan Williams | 7:02 Wednesday 22nd November 2017

Landesbank Baden-Württemberg (LBBW), pbb Deutsche Pfandbriefbank AG and ING Wholesale Banking have provided €625m to finance the Sony Center in Berlin.

The funding was provided to a joint venture between Oxford Properties Group and Madison International Realty.

The Sony Center – which was completed in 2000 – was developed by Tishman Speyer and is located in Potsdamer Platz.

The scheme consists of eight buildings – including a 26-storey office tower – and comprises almost 112,000m2 of commercial space.

Tenants at the location include Deutsche Bahn, Facebook, Sanofi, Sony and the State of Berlin.

“The Sony Center is a landmark in Berlin – we are therefore particularly pleased that we were able to support two renowned investors in their latest project as mandated lead arrangers together with ING and pbb,” said Thorsten Schönenberger, LBBW’s member of the board of managing directors.

Daniel Younis, head of origination at ING Real Estate Finance Germany, added: “We are very pleased to finance an outstanding Berlin landmark property for Oxford and Madison.

“As a modern and energy-efficient building complex in prime location in Berlin, the Sony Center is in line with ING’s sustainability philosophy.”

Charles Balch, head of real estate finance international clients at pbb, said: “We were pleased to accompany the financing of this prominent Berlin building complex for the joint venture of the experienced real estate investors Oxford Properties Group and Madison International Realty and will continue to work closely with all partners involved in the transaction as a facility and security agent.”

Pbb acted as a facility and security agent for the financing.

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