pbb Deutsche Pfandbriefbank provided refinancing for the Fiege Group, a European contract logistics service provider, for the Logistics- Mega-Center in Hamburg Moorfleet. The loan amounts to approximately € 48 million, including the derivatives for interest rate hedging. The transaction closed at the end of March 2014.
The Fliege Group’s Hamburg logistics center, which was completed in 2006, offers space of approximately 70,000 m² or up to 60,000 pallets. From the Mega-Center, Fliege currently serves customers in different sectors including industrial goods and consumer goods. The state of the art facility is certified according to ISO 9001, 14001 and IFS. The Hamburg harbour can be reached quickly by logistics customers.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: „In addition to the financing of office, retail and residential properties, pbb Deutsche Pfandbriefbank is a specialist lender for logistics properties. pbb is very happy to support the Fliege Group, a leading European provider of contract logistics, with this transaction.”
Alfred Messink, CFO of Fiege Group commented: We are very pleased to be supported in this transaction by ppb Deutsche Pfandbriefbank, a strong real estate lender with expertise in logistics properties. With the extension of the loan ahead of the original term we benefit from the currently low interest rates and we provide the basis for a continuing successful development of our Hamburg location.”
Source: pbb Deutsche Pfandbriefbank
