JLL secures €437m loan to purchase German residential portfolio
JLL secured a €437 mln loan from US investment firm Starwood for a consortium of One Investment Management and Orange Capital Partners.
The funds will be used to acquire 89.9% of a German residential portfolio from Adler Group.
The portfolio consists of 170 buildings, totalling 6,800 nearly fully-occupied (98%) residential units across 14 cities in North Rhine-Westphalia, primarily Duisburg.
JLL advised the buyers on the financing.
Dominik Rüger, team leader Debt Advisory at JLL Germany, said: "The deal demonstrates that debt funds are now competitive even in the traditional business areas of traditional financiers. Alternative lenders are clearly on the rise in Europe."
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