pbb Deutsche Pfandbriefbank has provided a loan of €83 million to the PANDION Group, Cologne, for a residential development project in Munich. The transaction was completed in March 2013.
In March 2013, two project companies of PANDION used the funds provided by the loan to acquire land from Deutsche Post Pensions-Treuhand GmbH & Co. KG. In total, approximately 315 apartments with a total living area of around 26,200 m² as well as underground parking spaces are to be built on the sites in the Arnulfstraße in Munich-Neuhausen.
It is planned that sales from the first phase of construction with around 140 to 150 privately financed apartments will commence in the autumn of 2013; construction is due to commence in the spring of 2014.
Gerhard Meitinger, Head of Origination Germany at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank continues to provide development financing with special regard to projects in collaboration with experienced developers in our base town of Munich and other prime German locations”.