pbb Deutsch Pfandbriefbank has provided a €124m facility to Evoreal Group to develop a residential block in Munich.
The three-year loan is predominantly for the construction of 240 flats and an underground garage. It also refinances Evoreal’s purchase of the site at Prinzregentenstraße 155 in the Munich-Bogenhausen district.
“For many years, pbb has been active in providing financing for project development and property developers in the city where its headquarters are situated,”said Gerhard Meitinger, head of real estate finance Germany at pbb.
“Evoreal has already demonstrated its potential in various projects in Munich and we are happy to be a partner in this real estate financing.”
pbb’s €124m facility is the first significant deal it has announced since its plans to list publicly were revealed last week. The German bank could be floated as early as next month.
Hamburg-based Evoreal develops mainly residential schemes in Hamburg, Munich and Berlin.
It built the €58m ‘living park’ in Munich-Moosach which contains 162 flats and is developing a further 120 apartments in the project’s Quattro Moosach phase.