Deutsche Pfandbrief renews EUR 105m loan in Germany

German lender Pbb Deutsche Pfandbriefbank has concluded the early renewal of a EUR 105 mln facility for Berlin-based housing company Degewo Marzahner Wohnungsgesellschaft.

Deutsche Pfandbriefbank subsequently placed half of the loan with an unnamed institution.

Degewo Marzahner Wohnungsgesellschaft is a subsidiary of Degewo, which manages more than 71,000 flats in Berlin.

'In real estate finance, we concentrate on Pfandbrief eligible European core markets, with a particular focus on Germany,' commented pbb Deutsche Pfandbriefbank's board member Bernhard Scholz.

This is the latest credit facility underwritten by Deutsche Pfandbriefbank in the past months. Last week, the German lender signed off a EUR 125 mln senior loan for SAE Palais Omnisport, the company managing the Bercy Arena in the centre of Paris.

The senior loan will finance a major refurbishment of the Arena, due to be completed by the end of 2015, in order to offer a higher capacity of up to nearly 21,000 seats. Bercy Arena is currently the biggest concert hall, auditorium and covered sport arena in France. The project benefits from strong support by the City of Paris, which is both the grantor of the concession and the majority shareholder of SAE POPB.

Also this month, Deutsche Pfandbriefbank granted a EUR 61 mln facility for two Spanish leisure and retail parks and a EUR 60 mln to Heitman for acquisitions in Central and Eastern Europe.