pbb Deutsche Pfandbriefbank has made available a long-term loan of approximately 170 million to the Düsseldorf-based LEG NRW GmbH ('LEG'). The transaction was completed in December 2012. LEG will use these funds to refinance a portfolio of 121 properties with approximately 5,300 residential units. The properties are spread throughout the entire Federal State of North-Rhine Westphalia.
pbb Deutsche Pfandbriefbank and the LEG Group are linked by a long-standing business relationship. Most recently, in June 2011, pbb Deutsche Pfandbriefbank refinanced a portfolio with 51 properties and approximately 8,100 apartments with approximately 218 million for the Group subsidiary LEG Wohnen GmbH, which is also located in the whole of NRW.
Dr. Bernhard Scholz, Member of the Management Board of pbb Deutsche Pfandbriefbank and responsible for real estate finance, says: "pbb Deutsche Pfandbriefbank performs a major role with regard to supplying credit to the German real estate sector. We have a business relationship with the LEG Group based on the principles of mutual trust. I am pleased that this transaction will enable us to further enhance our cooperation."
"In the runup to our IPO, we have placed our corporate financing on a sound, transparent and stable foundation. The number of loans and bank partners has been considerably reduced. In this connection, we have also decided to work with pbb as a reliable bank partner," says Eckhard Schultz, Deputy CEO and CFO of the Group Holding LEG Immobilien AG.