pbb Deutsche Pfandbriefbank has provided a development financing facility to WOWOBAU Wohnungsbaugesellschaft mbH, a Munich-based commercial housing enterprise. The closing of the transaction took place in December 2012.
WOWOBAU acquired part of the "Mein Aubing" site, located in Aubing, in the western part of Munich, from aurelis Real Estate GmbH & Co. KG. WOWOBAU, a renowned Munich-based residential real estate developer, plans to develop the site over the next two years, with the construction of around 115 residential units with an aggregate floor space totalling about 10,500 m², plus underground parking spaces. The company plans to sell the flats individually, with an expected aggregate sales volume of some 46 million.
Gerhard Meitinger, Head of Origination Germany at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank has been active in development financings in Munich for many years and will continue to be a regular market participant in this segment in the future."
Source: pbb Deutsche Pfandbriefbank