Hamburg Commercial Bank (HCOB) is providing €48.5m in financing to the joint venture of Zetland Capital Partners LLP (Zetland) and MBS Invest (MBS) for the realization of four real estate projects in Berlin.
Zetland has acquired three sites in the German capital, each of which will be developed with residential buildings. On the third site (Berlin-Wilmersdorf), a hotel will also be converted into a residential complex including commercial space. For the projects, Zetland is working with MBS, an asset and investment company specializing in real estate, as a minority shareholder. In total, the projects will create around 200 new residential units in Berlin-Wilmersdorf, Berlin-Lichtenberg and Berlin-Treptow by the end of 2024.
"Zetland Capital Partners LLP is a pan-European company with a great deal of expertise that has already proven many times that it is capable of realizing real estate projects very successfully," said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. "Even though the economic environment is not entirely easy at the moment, we are convinced of these residential projects in Berlin. The demand for housing is unbroken and the city continues to grow."
"The German capital Berlin is one of the most attractive cities in Europe and therefore an excellent location to invest in real estate," said Ahmed Hamdani, Founder and Managing Partner of Zetland Capital Partners LLP. "We are pleased to have such a competent and reliable banking partner on our side in Hamburg Commercial Bank. Together with them we managed to realize the financing quickly."
"We are proud to partner with Hamburg Commercial Bank to deliver our Berlin residential projects. The residential portfolio, with its prominent and central locations within Berlin and strong ESG record envisioned, will positively contribute to the city's high-quality housing creation," said Gil Bar, Managing Partner of MBS Invest. "Our investment focus on the German real estate market remains active and we look forward to seeing our portfolio continue to grow in 2023."