pbb Deutsche Pfandbriefbank has provided a property holding company of Hamburg-based project developer QUEST Investment Partners with a loan of approximately €19m for the purchase of part of the Bremer Carree inner-city shopping centre. The purchase agreement was completed in June 2017.
With around 5,300 m², the financed property accounts for approximately 40 percent of the total lettable space within the Bremer Carree. 3,200 m² of the acquired space will be used for retail purposes. QUEST Investment Partners' aim is to upgrade the space by way of extensive renovation measures, enabling the project developer to offer large, connected floor space in a central Bremen location.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: "Bremen's real estate market is showing promising development in this core inner-city area. We were happy to join forces with our client QUEST Investment Partners for this financing project. Extensive knowledge in the area of development, together with highly professional and active asset management are two of QUEST Investment Partners' core attributes."
Theja Geyer, the Managing Partner at QUEST Investment Partners, added: "We are very satisfied with the successful cooperation experienced during this financing project, which pbb once again implemented swiftly and competently."
