pbb finances inner-city quarter in the Hafencity Hamburg (DE)

pbb Deutsche Pfandbriefbank, a specialist bank for real estate finance, has provided a financing totalling €102 million to several special purpose vehicles of both investors Quantum Immobilien AG (“Quantum”) and Engel & Völkers AG („Engel & Völkers“). The loan agreements were signed in December 2014 and the first tranches were already disbursed in January 2015.
Purpose of the financing is the construction of a complex consisting of three buildings on one site in the Hafencity Hamburg. An office building which will be the new headquarters of the real estate agents Engel & Völkers will be established with a total space of 5,347 m² and 80 parking spaces. Further 1,150 m² of retail space (partly also to be let by Engel & Völkers) as well as 70 high end apartments and 100 parking spaces will be created in an adjacent residential tower.
In a third building, 24 price-controlled rental apartments with 20 parking spaces and an additional 544 m² of business space shall be built. The ensemble has been designed by the renowned New York architects Richard Meier & Partners. A certification of the local standard “HafenCity Gold” for sustainable construction has been awarded to the project.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: “We are very pleased to support this extremely interesting project in Hamburg’s Hafencity with a strong team. Quantum is an outstanding project developer with many years of experience in the market. With Engel & Völkers we have a well-known and professional real estate agent as partner and anchor tenant. Hamburg is a highly attractive market for pbb
Source: pbb Deutsche Pfandbriefbank