pbb Deutsche Pfandbriefbank will provide a loan of €140m to Gerchgroup AG to buy a plot of land formerly used as an industrial estate for its „Deutz Area“ development in Muehlheim, Cologne. The site, which used to be the premises of engine company Deutz AG, measures around 160.000 m² and is set to be developed into a new city quarter. In addition to its residential focus, the property will also be used for the commercial property development.
Mathias Du?sterdick, CEO of Gerchgroup AG, commented: “We have realized a number of transactions together and we value pbb as a reliable and responsible partner. We look forward to working with pbb on this project.”
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: „This transaction underscores pbb’s expertise when it comes to complex financings for a plot of land. “Deutz Area” is a fascinating inner city development and the loan facility is certainly one of the larger transactions of this kind in Germany in 2017.”
