Pbb Deutsche Pfandbriefbank has provided €120 million ($133.8 million) in loans on the acquisition of 10 properties in Western Germany.
The borrower, affiliates of the Catalyst Capital European Property Fund II, purchased the portfolio from Triuva (formerly IVG Institutional Funds) and a large German public sector pension.
Charles Balch, head of real estate finance international clients, UK & CEE at pbb, noted in a statement that Catalyst Capital is a long-standing pbb client.
The 10 properties comprise approximately 93,000 sq metres and includes nine office buildings and one additional commercial property in the towns of Bielefeld and Recklinghausen, and in the cities of Bremen, Dortmund, Düsseldorf, Essen, Frankfurt, Cologne, Munich and Stuttgart. Catalyst Capital GmbH will take over the management of the portfolio.
Pbb is active in Germany and throughout Europe. Earlier this summer the bank provided a €100 million loan on another a residential property portfolio across multiple Germany states, a €150 million loan on a multifamily development in Frankfurt, and a kr275 million (€29.2 million, $ 32.6 million) loan on a retail park in Sweden.
The Munich-based bank specializes in real estate and public investment finance and is the largest issuer of Pfandbriefe (German covered bonds).