pbb Deutsche Pfandbriefbank ('pbb') has provided GSW Immobilien AG ('GSW') with a long-term loan of 200 million. The transaction is part of a refinancing for a securitized credit which GSW has now replaced with a number of individual loan agreements.
With this long-term loan, pbb is financing a portfolio made up of 118 buildings and 7,100 apartments. The properties are distributed throughout Berlin and are in line with the demand for affordable housing.
Dr. Bernhard Scholz, Member of the Management Board at pbb Deutsche Pfandbriefbank and responsible for commercial real estate finance said: "The focus of commercial real estate finance at pbb is on those European core markets which are pfandbrief-eligible. The German market is very important for us in this context.
"I am therefore particularly pleased that we have now been able to provide GWS, a long-standing business partner of pbb and an experienced asset manager, with new long-term financing."
Andreas Segal, CFO of GSW Immobilien AG, commented: "The financing provided by pbb is part of a transaction which will secure stable and attractive financing for GSW in the long-term. Looking forward, we believe that GSW is very well positioned for its further development."
Source: Deutsche Pfandbriefbank AG