Munich-based real estate company CV Real Estate has secured over €100 mln in build-up financing for the Aurum commercial real estate project in Augsburg, Germany.
The multi-stage financing is backed by insurance companies, pension funds and real estate debt funds, including Barmenia and a debt vehicle from Prime Capital.
Among other things, it replaces a self-structured bond used to finance the purchase and development of the property, currently under construction, at Ladehofstrasse 11-11c in Augsburg.
The bond was repaid on time, in full and at the promised interest rate to creditors, including family offices and semi-institutional investors from Europe.
Anatol Obolensky, COO of CV Real Estate and responsible for the CV Capital Partners division, is pleased: ‘We are proud that we have managed to close a challenging financing of this size in such a challenging market situation. We see the broad mix of financiers as confirmation of our strategy of placing the highest quality demands on our properties and setting standards in terms of architecture and sustainability. At the same time, we see the close cooperation with our financing partners as a clear vote of confidence in our company and our expertise. We repaid the bond to the creditors on time, in full and at the promised interest rate.’
The subsidiary of CV Capital Partners plans to complete the Aurum project across from Augsburg's main train station in Q4 2024.
Around 56% of the 16,100 m2 rental space in the six-storey complex, designed by Henning Larsen Architects, has already been pre-leased, including to SDax-listed Patrizia SE (5,000 m2) and IT company MaibornWolff (3,100 m2).
CV Real Estate is aiming for LEED Gold Core & Shell certification for Aurum which will include an underground car park with around 80 parking spaces.
Mc Dermott Will & Emery Attorneys Tax Advisors acted as advisors on the financing.