Pbb Deutsche Pfandbriefbank has provided a €20 million loan to the Département du Finistère in France to finance the renovation of several infrastructure projects including road networks and colleges.
The bank’s long-term loan will help the department in Western Brittany modernize and maintain some 3,500 km of departmental roads and improve the accessibility of the region’s colleges, as outlined in its 2016-2021 investment plan.
Jean Christophe, head of public investment finance and general manager of the French branch of pbb, said in a statement that pbb is a natural partner for the Département’s projects because of the bank’s specialty and experience in public infrastructure financing.
The Département du Finistère is a coastal and rural region, with substantial tourism and a large fishing sector, which reportedly supplies a third of the country’s seafood supply.
France accounted for 8 percent of the German bank’s new real estate business the first half of this year, which totaled €4.5 billion, down from €5.2 billion in the same period last year. Germany accounted for 51 percent of that total, with 18 percent in the UK, 9 percent in Central and Eastern Europe, and 3 percent in Nordic countries. The bank announced last month that it will look for new real estate debt opportunities in the American market the second half of this year.