Deutsche Pfandbriefbank has announced that it participated in a club of banks which financed German listed property company Deutsche Wohnen’s purchase of a resdiential portfolio.
The bank extended a €285m (£224m) senior loan to the group to complete its €1.24m acquisition for the 23,500-strong BauBeCon portfolio from Barclays.
Barclays took control of the assets in November last year from joint venture owners RREEF and Prelios after the portfolio fell in value and wiped out their combined equity.
pbb said four other banks participated in the transaction, which was signed on 2 August with funds distributed on 16 August.
The bank intends to syndicate its portion.
The sub-portfolio financed by pbb comprises around 8,500 residential units, most of which are located in Berlin, alongside Brunswick, Hanover and Wittenberg.
Bernhard Scholz, member of the management board of pbb, said: “This transaction is particularly significant due to its size and nature. It demonstrates our ability to quickly execute complex financing solutions. Germany is a core market for pbb Deutsche Pfandbriefbank.”
bridget.o’connell@estatesgazette.com
