- What Barings has issued a €240m development loan in Berlin
- Why Germany’s Mikare Group to use facility to deliver 485,000 sq ft mixed-use scheme
- What next The floating rate facility has a three year term
Barings has provided a €240.3m development loan to fund the construction of a 485,000 sq ft mixed-use scheme in Berlin.
The floating rate three-year senior facility has been issued to Mikare Group, a German investment company.
Mikare is set to deliver two predominantly residential towers. These will comprise 179 for-sale residential apartments; 201 build to rent units; 80 serviced apartments; and circa 70,000 sq ft of office space.
The scheme is located in central Berlin, close to the River Spree and key transport hubs, including the major interchange at Berlin Ostbahnhof.
Sam Mellor, head of Europe & Asia-Pacific Real Estate Debt, Barings, said: “Residential demand in Berlin remains robust, underpinned by European-wide urbanisation trends. This newly built, high specification residential led, mixed use project will benefit from an attractive central location, being in close proximity to key landmarks, and, with views across Berlin, we expect it to attract interest from both German and international buyers. The significant pre-sales are evidence of the high demand for space at the scheme, a trend we are also seeing in the Berlin office market.”
Ben Silver, head of Global Real Estate Debt, Barings, added, “Germany is a key market for the first phase of our European debt platform expansion and follows our entrance into the Spanish and Dutch markets last year. We are actively looking for further opportunities to grow our exposure in the western European debt market, replicating the success of our UK debt platform.”
