Paramount Closes Real Estate Debt Fund VIII with $775 Million in Commitments

NEW YORK--()--Paramount Group, Inc., (NYSE:PGRE) (“Paramount” or the “Company”) today announced the closing of Paramount Group Real Estate Fund VIII, L.P. (“Fund VIII” or “Fund”) with $775 million in commitments, primarily from German institutional investors. Fund VIII, which is Paramount’s second debt fund, is the largest in the history of the Company and its predecessor.

“Through our current and prior investments and our significant operating experience, we have developed a deep understanding of the critical success factors in our target markets.”

“The successful close of Fund VIII is recognition of Paramount’s stellar reputation and the confidence institutional investors have in our platform,” said Albert Behler, Chairman, Chief Executive Officer and President of Paramount. “Through our current and prior investments and our significant operating experience, we have developed a deep understanding of the critical success factors in our target markets.”

Fund VIII focuses on mezzanine and preferred equity investments in office properties in Paramount’s target markets of New York City, Washington, D.C. and San Francisco. Over $165 million of the Fund has already been deployed in three investments.

“We appreciate the enthusiasm and strong support shown for Fund VIII from new and key existing investors,” said Christian Fischer, Paramount’s Director of European Capital Markets. “The combination of Paramount’s market knowledge and finance expertise together with Fund VIII’s investment objectives were convincing reasons for investors.”

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

Contacts

Investor Relations:
212-492-2298
ir@paramount-group.com
or
Media:
212-492-2285
pr@paramount-group.com

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Release Summary

Paramount Closes Real Estate Debt Fund VIII with $775 Million in Commitments

Paramount Group, Inc.