DLA Piper has advised Helaba Landesbank Hessen-Thüringen on the financing of the Odin portfolio. As arranger, sole lender and hedging provider, Helaba has financed the majority of the Odin portfolio for the Orion European Real Estate Fund IV with a sum of 347 million euros.

The financed portfolio consists of eleven office properties in six German cities with a focus on Hamburg and Berlin. 81 per cent of the total lettable area of 178,000 square metres is currently let. The top ten tenants, which include strong contractual partners such as the Institute for Federal Real Estate (BImA), Philips and Reemtsma, account for 72 per cent of rental income and 57 per cent of the lettable area.

Orion Capital Managers LLP specializes in commercial real estate management on behalf of major investors from around the world. Through the European Real Estate Fund IV, Orion invests in the full spectrum of properties, types of financing, portfolios and companies in Europe.

Helaba offers financial services to companies, banks, institutional investors and the public sector, both within Germany and internationally. At the same time, it acts as central clearing institution and service provider for 40 per cent of German savings banks. Helaba operates from its headquarters in Frankfurt am Main and Erfurt, while it maintains branches in Dusseldorf and Kassel as well as offices in Berlin, Stuttgart and Munich. On an international level, the bank acts through branches and representative offices in Paris, London, New York, Madrid, Moscow and Shanghai.

The DLA Piper team led by partner Frank Schwem included partners Dr Torsten Pokropp (both Finance & Projects, Frankfurt), Toby Barker (Finance & Projects, London), Catherine Pogorzelski (Corporate, Luxembourg) and associate Dr Katalin Legradi (Finance & Projects, Frankfurt).