Deutsche Pfandbriefbank has agreed an investment finance facility in excess of EUR 900 mln with Hochtief Projektentwicklung and Redwood Grove International.
Deutsche Pfandbriefbank has agreed an investment finance facility in excess of EUR 900 mln with Hochtief Projektentwicklung and Redwood Grove International.
The facility will be used to refinance the bridge loan taken out by Redwood and Hochtied when they each acquired a 50% stake in Aurelis, the real estate arm of German rail company Deutsche Bahn for a total of EUR 1.6 bn in September 2007.
Aurelis' portfolio comprises around 1,300 existing properties and plots for development with 23 million m2 of space across Germany. Around 70% of the portfolio is located in Germany's key growth regions, predominantly in prime inner-city locations.
