pbb Deutsche Pfandbriefbank has provided a loan of €75m to the real estate company CA Immo for construction of the residential, office and hotel complex – to be called “NEO”.
The building, scheduled for completion in early 2020, consists of an approximately 60-metre tower, with 16 floors for hotel and office facilities as well as six floors of residential space. A 25-year tenancy agreement has been signed for the hotel facilities with the company Tristar GmbH, which will operate a hotel of the “Hampton by Hilton” brand in the tower. An underground car park will provide 140 parking spaces, as well as charging points for electric cars. Plenty of bicycle stands, access to car sharing providers and an excellent connection to the public transport network all offer various options to reach the complex.
This project represents the fourth and final construction section of the new quarter “Neue Mitte Baumkirchen”. The present three residential construction stages have also been financed by pbb, within the scope of development projects, and have largely been successfully completed by now.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: “NEO has the potential to further vitalise the new city district, and to create new spaces for attractive and easily accessible workplaces. As a financing partner, we are pleased to support demanding projects and ambitious investments with experienced real estate companies such as CA Immo.”
Dr Hans Volkert Vlockens, CFO of CA Immobilien Anlagen AG, said: “We are currently implementing international real estate projects with a total investment volume in excess of €1bn. Knowing that we have strong financing partners by our side for projects of these dimensions is a key success factor. Deutsche Pfandbriefbank AG has already proven a reliable and professional partner for us in the “Baumkirchen Mitte” project since 2013.”
