pbb Deutsche Pfandbriefbank has provided an €80m, five-year loan to Investa Immobiliengruppe for its purchase of a German commercial real estate portfolio.
Property developer and manager Investa bought the New Wave portfolio of 41 inner-city assets from Eurocastle Investment, an affiliate of Fortress Investment, earlier this year.
“The portfolio’s real estate is situated in prime micro-locations and offers a great deal of potential,” said Gerhard Meitinger, head of real estate finance for Germany at pbb.
“With this portfolio acquisition, the experienced Munich real estate investor, Investa, is expanding its business activities with us.”
The properties, which are mainly office buildings located across Germany, will be managed by Investa’s capital management division.
Bernd Spitz, chief financial officer at Investa, said: “The portfolio offers a very good opportunity for Investa to also position itself in a growing market for attractive properties in B-centres.”
Frankfurt-based Investa has more than €4bn in real estate developments and property portfolios under management.