Hamburg Commercial Bank finances residential project in Berlin for Zetland Capital Partners LLP and MBS Invest
Hamburg Commercial Bank (HCOB) is providing EUR 48.5 million in financing to the joint venture of Zetland Capital Partners LLP (Zetland) – a private equity firm founded in London in 2016 – and MBS Invest (MBS) – a German investment and asset management company – for the realization of four real estate projects in Berlin.
Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank – Copyright: HCOB
Zetland has acquired three sites in the German capital, each of which will be developed with residential buildings. On the third site (Berlin-Wilmersdorf), a hotel will also be converted into a residential complex including commercial space. For the projects, Zetland is working with MBS, an asset and investment company specializing in real estate, as a minority shareholder. In total, the projects will create around 200 new residential units in Berlin-Wilmersdorf, Berlin-Lichtenberg and Berlin-Treptow by the end of 2024.
“Zetland Capital Partners LLP is a pan-European company with a great deal of expertise that has already proven many times that it is capable of realizing real estate projects very successfully,” said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. “Even though the economic environment is not entirely easy at the moment, we are convinced of these residential projects in Berlin. The demand for housing is unbroken and the city continues to grow.”
“The German capital Berlin is one of the most attractive cities in Europe and therefore an excellent location to invest in real estate,” said Ahmed Hamdani, Founder and Managing Partner of Zetland Capital Partners LLP. “We are pleased to have such a competent and reliable banking partner on our side in Hamburg Commercial Bank. Together with them we managed to realize the financing quickly.”
“We are proud to partner with Hamburg Commercial Bank to deliver our Berlin residential projects. The residential portfolio, with its prominent and central locations within Berlin and strong ESG record envisioned, will positively contribute to the city’s high-quality housing creation,” said Gil Bar, Managing Partner of MBS Invest. “Our investment focus on the German real estate market remains active and we look forward to seeing our portfolio continue to grow in 2023.”
Legal advice for the financing was provided on the client side by Osborne Clarke and Arendt & Medernach. Cushman & Wakefield arranged the brokerage of the financing. Hamburg Commercial Bank was advised by Norton Rose Fulbright.
About Zetland Capital Partners LLP
Zetland Capital Partners LLP (“Zetland”) is a London-based private equity firm that was founded in 2016 by Ahmed Hamdani. The firm invests in mid-market special situations across Europe. Zetland leverages decades of investing experience, a unique skillset and flexible capital solutions to bring about better outcomes for businesses, asset owners and the wider community. Zetland partners with management teams and operating partners, focusing primarily on supporting businesses through dislocations and driving value creation. Zetland manages over €1bn of long-term committed capital for pension plans, endowments, foundations, and family offices. www.zetlandcapital.com
About MBS Invest
The company was founded by Gil Bar, Kubilay Mermertas and Ulrich Schmidt. The company provides investment and project development management solutions, services and client-focused performance to clients throughout Europe. MBS Invest has offices in Berlin, Frankfurt and Düsseldorf. www.mbsinvest.de
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