Joining forces with four other banks, pbb Deutsche Pfandbriefbank has financed Deutsche Wohnen AG's purchase of certain entities from BauBeCon Group.
These entities, acquired by Deutsche Wohnen in May, hold a real estate portfolio comprising a total of approximately 23,500 residential units. pbb Deutsche Pfandbriefbank provided a share of 285 million of the overall facility.
The transaction documents were signed on August 2, 2012, and the loan was predominantly disbursed on August 16, 2012. pbb Deutsche Pfandbriefbank intends to syndicate a portion of its take.
The sub-portfolio financed by pbb Deutsche Pfandbriefbank comprises approximately 8,500 residential units, most of which are located in Berlin; other locations include Brunswick, Hanover and Wittenberg.
Dr Bernhard Scholz, Member of the Management Board of pbb Deutsche Pfandbriefbank, commented: "This transaction is particularly significant due to its size and nature. It demonstrates our ability to quickly execute complex financing solutions. Germany is a core market for pbb Deutsche Pfandbriefbank."
Source: pbb Deutsche Pfandbriefbank