Prudential Mortgage Capital Company provided a $48.6 million commercial
mortgage to support Hines Global REIT’s acquisition of an industrial
warehouse property in Bavaria, Germany. Prudential Mortgage Capital
Company is the commercial mortgage lending business of Prudential
Financial, Inc. (NYSE:PRU).
The fixed-rate loan is secured by a 607,940 square-foot industrial
property in Forchheim near Nuremburg, wholly leased to the 3rd
party logistics provider Simon Hegele. Currently, 215,200 square-feet of
space is under construction at the property and will be handed over to
the tenant on completion. The loan is split into two tranches, the
second of which will be drawn on completion of the warehouse under
construction.
“Logistics is a preferred asset type of ours and the strong demand
drivers for this property’s location, combined with the track record of
Hines’ sponsorship, drove our interest here,” said David Gingell, a
director of originations for Prudential Mortgage Capital Company.
Drew Abernethy, head of European originations for Prudential Mortgage
Capital Company added, “This transaction marks Prudential Mortgage
Capital Company’s third European financing with Hines Global REIT,
demonstrating our increasing ability to respond to client requirements
across multiple markets.”
In 2014, Prudential Mortgage Capital Company has up to $1.4 billion (€1
billion) available for long-term, fixed-rate senior debt transactions in
Europe, with the ability to do significantly more than this. All
European debt will be denominated in local currency and secured by
income-producing real estate.
Prudential Mortgage Capital Company is primarily interested in office,
industrial, multifamily and retail properties in and around large
population centers in countries such as the UK, Netherlands and other
major countries at the request of clients.
The firm also seeks opportunities to finance transactions in
collaboration with local banks, especially on the European continent.
Prudential Mortgage Capital Company is a full-service, commercial and
multifamily mortgage finance business with more than $79 billion in
assets under management and administration as of March 31, 2014.
Leveraging a 130-year history of real estate finance, the company offers
one of the most comprehensive lines of real estate finance products and
originates loans for Freddie Mac Targeted Affordable Housing programs,
Fannie Mae DUS™, FHA, the insurance company’s general account; and other
institutional investors. The company maintains a loan servicing
portfolio of approximately $76.7 billion as of March 31, 2014. For more
information, please visit http://www.prumortgagecapital.com.
Prudential Financial is a trade name used by Prudential Financial, Inc.,
a company incorporated and with its principal place of business in the
United States, and its affiliates in select countries outside the United
States. PFI (NYSE: PRU), a financial services leader with approximately
$1.1 trillion of assets under management as of March 31, 2014, has
operations in the United States, Asia, Europe, and Latin America. PFI’s
diverse and talented employees are committed to helping individual and
institutional customers grow and protect their wealth through a variety
of products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment management. In
the U.S., the company’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for more than a century. For more
information, please visit http://www.news.prudential.com/
. PFI of the United States is not affiliated in any manner with
Prudential plc, a company incorporated in the United Kingdom.
Copyright Business Wire 2014