Pbb Deutsche Pfandbriefbank and Investitionsbank Berlin (IBB) continue their cooperation over the financing of housing projects in Berlin. Under the agreement, IBB has once again granted a master credit line (global loan) of €65m to Pbb, which will use the funds to refinance loans to Berlin-based housing and real estate companies. The global loan from IBB is to cover the portions of such loans not eligible for inclusion in Pfandbrief cover. This allows Pbb, the specialist real estate finance house, to support the Berlin real estate market with financing at special terms and conditions. The two banks entered into the first master agreement of this kind in 2013.
Gerhard Meitinger, Head of Real Estate Finance, at Pbb Deutsche Pfandbriefbank, said: "As a specialist bank for real estate finance, Pbb supports clients in Berlin with its particular sector expertise. Through this master credit line, we combine the benefits of attractive Pfandbrief funding terms with the refinancing terms offered by IBB as a public-sector bank. This will enable us to support selected eligible investments of housing and real estate companies in Berlin."
Andreas Tied, Head of Real Estate and Urban Development at Investitionsbank Berlin, added: "This cooperation with Deutsche Pfandbriefbank will reduce financing costs for housing enterprises – ultimately, it will benefit rents in the financed properties. With Pbb, we have found a powerful and experienced partner for implementing these tasks."
