German lender Berlin Hyp has provided Germany's largest listed residential landlord Vonovia with a €500 mln loan with a term of ten years.
The funds will go towards refinancing various portfolios in North Rhine-Westphalia, Bavaria and Rhineland-Palatinate.
'Thanks to this complex transaction, we were able to provide Vonovia with a bespoke financing solution for its nationwide portfolio,' commented Gero Bergmann, member of the board of management of Berlin Hyp.
The refinanced assets comprise a total of 270 properties, with around 900,000 m2 of residential and 4,800 m2 of commercial space, which are almost fully leased.
'By signing the secured loan agreement on attractive terms, we were able to further optimise our maturity profile and once again demonstrate the advantages of our financing strategy, which focuses on a balanced mix of unsecured and secured instruments,' concluded Dr. A. Stefan Kirsten, member of Vonovia's management board.
