pbb Deutsche Pfandbriefbank and Helaba have jointly provided a €220 million refinancing facility to Proudreed. pbb acted as arranger and agent, and Helaba as an arranger. Each bank provided 50% of this funding. The transaction closed in May 2014.
The facility, which is for five years, refinances part of a previous securitisation, structured for the acquisition of a portfolio comprising today 74 assets. The portfolio, which has been owned and managed by Proudreed for over 12 years, is located across France and includes offices, logistics and light industrial properties.
Norbert Müller, Head of Real Estate Finance Continental Europe West, said: “We are delighted to have Proudreed as a new customer for the bank and to have been able to refinance this diverse portfolio. This transaction demonstrates pbb’s appetite for funding the French market and its key investors.”
Renaud Jezequel, General Manager Paris Branch at Helaba, said: “We are proud to have completed our first financing with Proudreed, which we value as an experienced asset manager and investor. This transaction demonstrates Helaba’s ability to provide tailor made and structured debt for large portfolio transactions in a timely manner.”