pbb Deutsche Pfandbriefbank AG has returned to the syndication market. With a syndicated volume of 70 million, the specialist real estate and public finance bank placed the largest part of the 110 million ProLogis facility, announced in August 2009, with two German banks. The transaction is one of the largest syndications since the outbreak of the financial markets crisis in the autumn of 2008.
The syndication has improved Deutsche Pfandbriefbank's risk/return ratio and frees resources for new business with a target client. This transaction also demonstrates pbb Deutsche Pfandbriefbank´s ability to structure larger-sized financings as a single point of contact to the client.
As announced in August, pbb Deutsche Pfandbriefbank AG provided a 110 million facility to ProLogis European Properties Fund II, a logistics real estate fund managed by NYSE-listed ProLogis. The facility is secured on a portfolio of 17 German logistics properties built in 2007 and 2008, with an aggregate floor space of 423,000 m². The properties are fully let to high-quality tenants.
Source: Deutsche Pfandbriefbank AG