Hillwood has received a loan of c. €64.4m from pbb Deutsche Pfandbriefbank for two project developments. The loan will finance two industrial real estate projects in Essen and Monchengladbach, North Rhine-Westphalia. The loan for the Essen project amounts to c. €47.3m and for the project in Monchengladbach to c. €17.1m.
The Essen project offers c. 42,000m2 of rental space and, although still under construction, is already fully let to the online retailer Euziel on a long-term basis. The space is scheduled to be occupied in the 1st quarter of 2025. The property is located close to the A42 / A40 highways.
The project in Monchengladbach offers 17,700m2 of rental space. The 15,000m2 industrial building with a 2,500m2 mezzanine level as well as office and social facilities is scheduled for completion in early 2025. The location is very well-connected to the A 46 and A 61 highways.
“We are pleased to expand and strengthen our partnership with pbb Germany through this new loan,” said Armin Senoner, Director of Hillwood Debt Management Europe. “This loan provides us with a compelling opportunity to work with an experienced, recurring partner and lender to build prime industrial space in a strategic location.”
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: “The demand for modern industrial space in well-developed locations is driven by the megatrend e-commerce and remains high. As a reliable financing partner of Hillwood, we are therefore pleased to make our contribution to upgrading the locations.”
Written by Leon Goldwater for Europe Real Estate.
Image source - Pexels.
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