German regional banks BayernLB and Berlin Hyp have refinanced a EUR 207.5 mln residential property portfolio for Immeo Group, part of the French Fonciére Développement Logements group.
German regional banks BayernLB and Berlin Hyp have refinanced a EUR 207.5 mln residential property portfolio for Immeo Group, part of the French Fonciére Développement Logements group.
The banks will each take half of the refinancing volume for their account. The deal involves refinancing part of the CMBS transaction Immeo Residential Finance No. 2 and will be structured as a club deal led by BayernLB. As such, it marks a milestone in the refinancing of CMBS, many of which are set to mature in the coming years. BayernLB will act as Security Agent in the deal, providing Immeo with long-term financing.
The Immeo portfolio comprises around 6,150 residential units located in the German state of North Rhine Westphalia.
