Duet Private Equity Ltd (“Duet”), through the European Real Estate Debt Fund, which it advises, has completed a €14.5m mezzanine financing secured by a portfolio of hotels in Germany owned by Blackstone Real Estate Partners (“BREP”) International Fund II and BREP Fund V. The hotels, including the Grand Esplanade in Berlin, were previously financed by Citibank. The senior debt was provided by Deutsche Bank AG, London.
The European Real Estate Debt Fund I has successfully arranged the refinancing of 17 Columbus Courtyard in Canary Wharf, London.
At the end of 2009, the total outstanding debt to commercial real estate across 24 countries in Europe totalled €1,848bn, 65% higher than in 2004.