pbb Deutsche Pfandbriefbank has provided a financing in the aggregate amount of €59 million to Heitman European Residential Investment Partners. The funds will be used to refinance an existing real estate portfolio. As part of this transaction, which was closed in June 2016, pbb also repaid other banking partners to the fund.
The portfolio primarily consists of residential units predominantly located in the Rhine/Main, Mannheim and Nuremberg regions. The properties are situated in average to above-average locations and are well-let, with vacancies primarily due to natural fluctuation. The portfolio is managed by Heitman, a global real estate investment management firm.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfand-briefbank, said: "pbb Deutsche Pfandbriefbank is happy to participate in the financ-ing of German residential portfolios for experienced investors, where we can lever-age our profound market knowledge as well as our structuring expertise. Medium- to long-term financings for residential real estate portfolios lend themselves easily to Pfandbrief funding, thanks to their stable rental income. This allows pbb to quote competitive market terms."
Gordon Black, Senior Managing Director at Heitman, added: "We are pleased to further expand our long-standing relationship with pbb Deutsche Pfandbriefbank as Heitman continues to invest in living strategies throughout Europe."