Pbb Deutsche Pfandbriefbank and Helaba have jointly provided €220 mln in financing to French privately held property company Proudreed.

Pbb Deutsche Pfandbriefbank and Helaba have jointly provided €220 mln in financing to French privately held property company Proudreed.

The five-year facility refinances part of a previous securitisation, structured for the acquisition of a portfolio comprising 74 assets. The portfolio, which has been owned and managed by Proudreed for over 12 years, is located across France and includes offices, logistics and light industrial properties.

Pbb and Helaba each provided 50% of the funding, with Pbb acting as arranger and agent, and Helaba as an arranger. The transaction closed in May 2014.

Commenting on the deal, Norbert Müller, head of real estate finance for Continental Europe West at Pbb Deutsche Pfandbriefbank, said: ‘We are delighted to have Proudreed as a new customer for the bank and to have been able to refinance this diverse portfolio. This transaction demonstrates pbb’s appetite for funding the French market and its key investors.’