pbb Deutsche Pfandbriefbank and Westdeutsche ImmobilienBank AG in a Club Deal structure completed the investment financing of €48.5 million for Arka’s Alfa Shopping Center in Poland

Munich/London/Mainz – November 27, 2009 – (RealEstateRama) — pbb Deutsche Pfandbriefbank acting as Facility Agent and Westdeutsche ImmobilienBank AG (WestImmo) are pleased to announce that they have provided Arka Property Funds with a €48.5 million investment financing for Alfa Shopping Center in Olsztyn, Poland. Westimmo in addition provided a PLN 25.0 million VAT facility.The transaction was successfully arranged, underwritten and completed in a Club Deal structure on 17 November 2009.

The third generation Alfa Shopping Center is prominently located in Olsztyn comprising phase 1 and newly completed phase 2. Olsztyn, with approximately 176,000 inhabitants, is located in north-eastern Poland and is the capital of the Warmia and Masuria districts. Alfa Shopping Center, which has a total rentable area of over 24,500 sqm, is the premier retail destination and comprises four floors above ground and the only multi-screen cinema in the city. The scheme is fully let to over 100 international and national retailers.

Harin Thaker, Head of Real Estate Business International at pbb Deutsche Pfandbriefbank commented: “pbb Deutsche Pfandbriefbank is once again originating new business together with core partners in the International banking community. Poland is one of the markets in which we are active, particularly with clients like Arka Property Funds that we have known over many years.”

Agnieszka Jachowicz, Managing Director Arka Property Funds, commented: “The Alfa Centre shopping mall in Olszytn is unique in terms of location, catchment and tenant mix. We are very happy that we could realize this acquisition with help of both banks.”

Maciej Tuszynski, Head of Real Estate Financing Poland at WestImmo, commented: “WestImmo is very pleased to be an important and strategic bank partner of such an important Polish target client as Arka Property funds. Based on the performance of the Alfa shopping centre in the past, and the extraordinary letting success of Phase II in a difficult environment, we are convinced of Alfa’s future success as a main regional shopping destination.”

Notes to Editors:

pbb Deutsche Pfandbriefbank is the strategic core bank of HRE Group. The bank combines the Group’s strategic assets and generates new business in its real estate finance and public finance segments. Its core funding vehicle is the Pfandbrief. pbb Deutsche Pfandbriefbank was formed in June 2009, as a result of the merger of DEPFA Deutsche Pfandbriefbank and Hypo Real Estate Bank. The company’s registered office is Munich, Germany.

Arka Property Funds are listed closed-end property funds in Poland managed by BZ WBK AIB TFI. The Funds are publicly traded on the secondary market of the Warsaw Stock Exchange.

Westdeutsche ImmobilienBank AG (WestImmo) is one of Germany’s leading commercial real estate financers and maintains a strong presence in the Western, Central and Eastern European markets, as well as in North America and Asia. WestImmo’s corporate customers include global institutional investors, international developers and companies operating in the real estate sector. With 480 employees and total assets of approx. € 26 billion, WestImmo is a strong and competent partner in all real estate transactions and financing activities. In 2009 WestImmo has committed more than € 5 bn new loans to its clients worldwide.

Media contacts:

Walter Allwicher, +49 89 2880-28787, walter.allwicher (at) pfandbriefbank (dot) com
Oliver Gruß, +49 89 2880-28781, oliver.gruss (at) pfandbriefbank (dot) com
Christiane Most, + 49 6131 9280-7385, christiane.most (at) westimmo (dot) com