Deutsche Hypo has provided a €215 million loan to finance a residential and office portfolio in the German city of Hamburg.
The financing was provided to Robert Vogel GmbH & Co, a Hamburg-based private real estate company which owns apartments and offices across the city.
The residential element of the portfolio comprises 25 properties with 1,009 units, located in residential areas close to the city’s Alster lake.
The office element of the portfolio contains multi-let buildings located in the Altona, Neustadt, Rotherbaum and Ottensen districts of the city. Among the portfolio is one of the city’s most distinctive office properties, the ‘Dockland’ building (pictured) at the city’s harbour on the River Elbe, which is designed in the shape of a ship.
Deutsche Hypo CEO Andreas Pohl remarked that Hamburg is one Germany’s most important “economic, transport and cultural centres”, with a growing population trend, benefiting the housing market.
In August, Deutsche Hypo said that it had increased its new real estate finance business to €1.8 billion during the first half of 2016 and that it was on course to meet its targets for the year. Deutsche Hypo’s new real estate finance business during the first six months of 2016 was up 28.5 percent on the €1.4 billion originated during the same period in 2015.
“Even though the competition has become even more intense, especially domestically, we have been able to increase the volume of our new business without compromising our conservative risk policy,” CEO Andreas Pohl said at the time.