German bank pbb Deutsche Pfandbriefbank (pbb) has secured a €65 million credit line which will partially fund the refinancing of its loans to Berlin-based housing and real estate companies.
The master credit line has been provided by Investitionsbank Berlin (IBB), which first entered into an agreement of this kind with pbb in 2013 to support its residential market lending in Berlin.
The credit line from IBB is intended to cover the portions of such loans which are not eligible for inclusion in pfandbrief cover.
“As a specialist bank for real estate finance, pbb supports clients in Berlin with its particular sector expertise. Through this master credit line, we combine the benefits of attractive Pfandbrief funding terms with the refinancing terms offered by IBB as a public-sector bank. This will enable us to support selected eligible investments of housing and real estate companies in Berlin,” said Gerhard Meitinger, head of real estate finance, at pbb Deutsche Pfandbriefbank.
“This cooperation with Deutsche Pfandbriefbank will reduce financing costs for housing enterprises – ultimately, it will benefit rents in the financed properties. With pbb, we have found a powerful and experienced partner for implementing these tasks,” added Andreas Tied, head of real estate and urban development at IBB.