German lender pbb Deutsche Pfandbriefbank has provided a £39 mln (EUR 44 mln) financing facility to a subsidiary of Almacantar for the acquisition of the Marble Arch Tower in London. The transaction was closed on 23 June 2011.

The 82-metre tower overlooking Hyde Park is one of the most prominent buildings in London's West End. The mixed-use property, situated at the corner of the western end of Oxford Street and the northern end of Park Lane, comprises a 21-storey office tower, shops fronting Marble Arch and Edgware Road and an Odeon cinema.

'The transaction is our first deal together and shows that we are also open to building new customer relationships,' said Harin Thaker, head of Real Estate Finance International at pbb Deutsche Pfandbriefbank.

Luxembourg-based property company Almacantar announced in May that it had acquired the scheme from Orchard Street Investment Management for £80 mln.