Press Release

DekaBank and LBBW Finance Landmark Office Building in Montréal, Canada


DekaBank as agent and Landesbank Baden-Württemberg, New York Branch jointly arranged and closed a CAD $320.7 million first mortgage loan on behalf of Bentall Kennedy’s Prime Canadian Property Fund and Sun Life. The facility is being used to finance the acquisition of 1250 René-Lévesque, a Class AAA office tower located in downtown Montréal, Québec. Situated as one of the most recognized properties on Montréal’s skyline, the 47-storey, architectural landmark includes over 1 million square feet of office space, almost 30,000 square feet of retail space and 900 below- grade parking stalls. PSPIB, which manages the pension funds of Canadian public servants, is an anchor tenant in the building among other high profile tenants.
1250 René-Lévesque exhibits a strong sustainability record as a LEED Gold and BOMA Best Platinum property and has direct access to Montréal's underground path system, which connects users to the city’s subway and train network, and a multitude of retail and shopping destinations.
About DekaBank
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 276 billion (as at 31/12/2018) and around 4.7 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
About Landesbank Baden-Württemberg
As a universal bank based in the State of Baden-Württemberg in Germany, LBBW has total assets of EUR 241 billion (as of December 31, 2018), and combines a wide range of financial services to companies, retail and institutional customers, and savings banks. Apart from its extensive domestic activities, LBBW has a global banking network across 16 countries with branches and representative offices in various locations including New York, Toronto, London, and Singapore. LBBW's commercial real estate finance business provides tailored individual financing strategies for customers with regional and/or international operations.

The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as at 31/12/2019).

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