Pbb Deutsche Pfandbriefbank has provided a €100 million loan to German investor TAG Immobilien to refinance a residential property portfolio in Germany.
The loan, which closed in June, has been written to various property subsidiaries of TAG Immobilien. It is secured by 72 properties comprising more than 3,200 flats and 76 commercial units. In total, the portfolio contains 209,000 square metres of space, of which around 200,000 square metres is residential.
The properties are located in the German states of Bremen, Lower Saxony, Saxony, Saxony-Anhalt, Schleswig-Holstein and Thuringia.
TAG Immobilien is a listed real estate company which focusses on investing and developing predominantly residential property in northern and eastern Germany.
“Pbb Deutsche Pfandbriefbank is a seasoned provider with extensive expertise in complex portfolio financings. As experts for complex structures, the bank is always ready to finance residential portfolios. TAG Immobilien is a long-standing client of pbb, with in-depth market knowledge,” said Gerhard Meitinger, head of real estate finance Germany at Pbb Deutsche Pfandbriefbank.
“We are delighted that we were able to implement this refinancing exercise quickly and professionally – with pbb, as our banking partner over many years. Long-term financings from partner banks will remain a key element of our business model in the future,” added Martin Thiel, chief financial officer of TAG Immobilien.