Pbb Deutsche Pfandbriefbank (pbb) has provided a €59 million loan to the European residential fund of US real estate investor Heitman to refinance a German portfolio.
The facility, which was provided to Heitman European Residential Investment Partners, was closed in June. As well as refinancing an existing property portfolio, the loan also repaid other banking facilities relating to the fund.
The portfolio primarily consists of residential units located mainly in the Rhine/Main, Mannheim and Nuremberg regions of Germany. The bank said that the properties are in “average to above-average” locations and are well-let.
“Medium to long-term financings for residential real estate portfolios lend themselves easily to Pfandbrief funding, thanks to their stable rental income. This allows pbb to quote competitive market terms,” said Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank.
“We are pleased to further expand our long-standing relationship with pbb Deutsche Pfandbriefbank as Heitman continues to invest in living strategies throughout Europe,” added Gordon Black, senior managing director at Heitman.