Pbb Deutsche Pfandbriefbank agrees to fund the Marble Arch Tower
German lender pbb Deutsche Pfandbriefbank provided a £39m facility to a subsidiary of Mike Hussey’s Almacantar for the acquisition of the Marble Arch Tower in London.
The 82m 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 west 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.
Luxembourg-based property company Almacantar, which also owns the equally iconic Centre Point tower at other end of Oxford Street, announced in May that it had acquired the Marble Arch scheme from Orchard Street Investment Management in a deal worth $80m.
Harin Thaker, head of real estate finance at pbb Deutsche Pfandbriefbank, said: “The transaction is our first deal together and shows that we are also open to building new customer relationships.”
The transaction was closed on 23 June 2011.