German property financier Deutsche Hypo said it approved some EUR 431 mln in new real estate loans in the first half of 2009, down 59% on the comparable 2008 level as the bank rolled back its lending business abroad, notably in the US and UK. The bank’s overall real estate finance portfolio increased by EUR 542 mln (+6.1%) to EUR 9.4 bn.
German property financier Deutsche Hypo said it approved some EUR 431 mln in new real estate loans in the first half of 2009, down 59% on the comparable 2008 level as the bank rolled back its lending business abroad, notably in the US and UK. The bank’s overall real estate finance portfolio increased by EUR 542 mln (+6.1%) to EUR 9.4 bn.
Deutsche Hypo said in a press release that 'the global recession and the ongoing crisis on the financial markets have continued to place a strain upon the commercial real estate market'. The bank declined to give a full-year earnings prediction due to the 'ongoing high degree of uncertainty'.
The bank said its refinancing business continued to operate 'without any problems'. During the first six months of 2009, some EUR 2.5 bn was issued, of which Pfandbrief products accounted for around EUR 1.9 bn.
