pbb Deutsche Pfandbriefbank has provided finance of approx. 30 million to Barmer Wohnungsbau AG, Wuppertal. The loan is secured by a real estate portfolio comprising more than 1,000 residential and commercial units and a total area of more than 67,000 m². The transaction was completed in December 2012.
The listed KWG Kommunale Wohnen AG is the majority shareholder of Barmer Wohnungsbau AG. According to information provided by the companies, the companies plan to use some of the funds which have been made available for further expansion by acquiring additional residential portfolios for Barmer Wohnungsbau AG.
Gerhard Meitinger, Head of Origination Germany at pbb Deutsche Pfandbriefbank, says: "With Barmer Wohnungsbau AG and Hamburger KWG Kommunale Wohnen AG, we have gained new clients via our new origination office in Hamburg."
Stavros Efremidis, CEO of KWG Kommunale Wohnen AG, adds: "We are pleased that we have found a strong and reliable partner in Deutsche Pfandbriefbank, with whom we intend to further expand the presence of KWG in our growth region of Northrhine Westphalia."
Source: pbb Deutsche Pfandbriefbank