Pbb Deutsche Pfandbriefbank completes SEK985m Swedish financing

German bank pbb Deutsche Pfandbriefbank has provided an investment facility of SEK 985 million (€101 million) to Bråviken Logistik, the Stockholm-based logistics investor.

German bank pbb Deutsche Pfandbriefbank has provided an investment facility of SEK 985 million (€101 million) to Bråviken Logistik, the Stockholm-based logistics investor.

The loan was provided to support Bråviken Logistik’s acquisition of a logistics portfolio with properties located in the Swedish cities of Norrköping, Nyköping and Jönköping.

The three properties total 1.3 million square feet and are fully let to the Stadium Group, Nyköping municipality and Aditro Logistics.

Neither of the parties have disclosed further details of the loan.

Stockholm

Bråviken Logistik is a listed property vehicle set up this year by Pareto Securities, the London-based investment bank, which has a long track record in Nordic capital markets.

Norbert Müller, head of real estate finance for Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are happy to continue our relationship with Pareto Securities and to support them in establishing Bråviken Logistik. The properties create a very strong portfolio in good locations and aim to capitalize on continued occupier demand for well-located logistics properties within the Nordics.”

In April, pbb Deutsche Pfandbriefbank issued a US dollar-denominated mortgage Pfandbrief, with a total volume placed of $600 million. The covered bond has a term of three years and carries an annual coupon of 2.25 percent.

The lender originated €10.5 billion of new business during 2016, its second highest annual volume since it resumed lending in 2009, but down €1.5 billion from 2015’s total of €12 billion. It said it was aiming to lend between €10.5 billion and €12.5 billion this year.

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