pbb Deutsche Pfandbriefbank is providing €40m of a €100m refinancing for a closed-end property fund managed by Deutsche Fonds Holding.
The funding is being used to refinance the shopping centre SchwabenGalerie and the Daimler Global Training Center in Stuttgart.
The remaining €60m has been provided by an unnamed bank.
The properties are owned by closed-end real estate fund DCSF Immobilien Verwaltungsgesellschaft Nr. 4 mbH & Co. Objekt Stuttgart-Vaihingen KG.
SchwabenGalerie has 40,000 m2 of floorspace and tenants include Kaufland, Media Markt, Aldi Süd, dm Drogeriemarkt, Deichmann Schuhe and Takko Fashion. The property also contains office and storage space as well as a hotel.
The Daimler Global Training Center has 17,000 m2 of office and education space and was completed in 2004.
Head of sales Deutschland at pbb Deutsche Pfandbriefbank, Gerhard Meitinger, said: “The properties refinanced in this case are well-known properties with household name tenants. Within the framework of our sales activities in Germany, we intend to strengthen our strategy of signing up real estate funds as customers and intend to strengthen existing connections.”
