pbb Deutsche Pfandbriefbank AG provided a long-term loan of approximately €108 million to TAG Wohnen GmbH (formerly TLG Wohnen GmbH), a company of Hamburger TAG Immobilien AG. The loan agreements were signed in June 2013, and the loan was paid out in July 2013.
TAG will use the funds to refinance a real estate portfolio comprising 96 properties (approx. 3,700 residential units), which it acquired with the acquisition of TLG Wohnen GmbH from the Federal Republic of Germany in 2012. The properties are distributed over 18 locations in the Federal States of Mecklenburg-Western Pommerania, Brandenburg, Berlin and Saxony-Anhalt.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, says: "pbb Deutsche Pfandbriefbank and TAG Immobilien AG are connected by a long-standing and successful business relationship. In recent years, we have provided several financing arrangements to the listed housing company, as we are convinced of the strategy and quality of asset management. We are further strengthening our good cooperation with this transaction."