Pbb Deutsche Pfandbriefbank has provided financing of €120m to a property company of TAG Immobilien. TAG will use the funds to refinance a primarily residential real estate portfolio. The closing of the transaction took place in June 2017.
The financed portfolio comprises some 3,600 residential units and 30 commercial properties at 18 locations across Germany, with a total area of 218,819 m². The majority of the properties (65%) is located in Mecklenburg-Western Pomerania (mainly in Rostock), with most of the remainder (32%) in Brandenburg. A minor part of the rental space is in Saxony-Anhalt and Berlin. The properties in the portfolio enjoy high occupancy, with a vacancy ratio of merely 2.6%.
As one of the major real estate finance houses, pbb carries numerous portfolio financings on its books, often comprising various types of property use, or covering multiple jurisdictions. pbb establishes deal teams – comprising sales experts, analysts, credit specialists and surveyors – which combine pbb's special structuring expertise as well as its sector, property and country-specific know-how. Local market knowledge is combined 'asset by asset', providing an overall picture of the portfolio.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: "pbb commands vast expertise in simple as well as more complex portfolio financings. We were pleased to be involved as partners in this financing to our long-term client, TAG Immobilien. TAG distinguishes itself by in-depth market knowledge, and particularly professional, active rental management."
Martin Thiel, Chief Financial Officer of TAG Immobilien AG, added: "We are very satisfied with the successful refinancing of this portfolio, at an early stage, which pbb implemented swiftly and competently."
