Bank Austria and pbb Deutsche Pfandbriefbank have jointly underwritten a €300m senior loan for the Vienna-based Immofinanz Group.
The seven-year facility is to be used to refinance a real estate portfolio containing 38 office and residential properties, most of them in Vienna.
Immofinanz owns over 470 retail, residential and office properties, mainly in Central and Eastern Europe, valued at around €9.2bn. The company came close to collapse during the financial crisis of 2008 when it lost more than 95% of its value.
Today’s refinancing is believed to be one of the largest of its kind in Austria in recent years. The deal also marks an active May for pbb Deutsche Pfandbriefbank which has provided around €770m in just five deals in the past two weeks.
Charles Balch, head of International Clients UK & CEE at pbb Deutsche Pfandbriefbank said: “Over the years we have worked with a number of our international clients in Austria who are also active in various CEE markets. In general, Austria is one of the markets where we see further potential for pbb.”
Reinhard Madlencnik, head of real estate at Bank Austria, said the deal further strengthened the bank’s longstanding partnership with Immofinanz.