Joining forces with another bank pbb Deutsche Pfandbriefbank has provided finance of approx. 100 million for the closed real estate fund DCSF Immobilien Verwaltungsgesellschaft Nr. 4 mbH & Co. Objekt Stuttgart-Vaihingen KG.
pbb Deutsche Pfandbriefbank provided a share of around 40 million of the overall facility. The transaction was closed in December 2012. The purpose of the loan is to refinance the properties 'SchwabenGalerie' and 'Daimler Global Training Center' in Stuttgart-Vaihingen. The 'SchwabenGalerie' is a shopping mall with a rental area of approx. 40,000 m². Retail activities account for most of this area, namely approx. 23,000 m².
The tenants include Kaufland, Media Markt, Aldi Süd, dm Drogeriemarkt, Deichmann Schuhe and Takko Fashion. There are also office and storage facilities, a Bürgerzentrum (citizens' advice bureau) and an arcona design hotel.
The 'Daimler Global Training Center' is located in a further building, with more than 17,000 m² office and training premises as well as its own training workshops. The building complex was completed in 2004. The initiator of the fund is Deutsche Fonds Holding AG, which has been operating since 1992 in the field of fund conception for private and institutional investors.
Gerhard Meitinger, head of Sales Deutschland at pbb Deutsche Pfandbriefbank, says: "The properties refinanced in this case are well-known properties with household name tenants. Within the framework of our sales activities in Germany, we intend to strengthen our strategy of signing up real estate funds as customers and intend to strengthen existing connections."
Source: pbb Deutsche Pfandbriefbank
