Berliner Sparkasse and Berlin Hyp have provided listed French property group Covivio with a €288 mln, 10-year loan for a residential portfolio in Germany.
The financing volume was raised as part of a syndicate led by Berlin Hyp. The portfolio consists of 148 apartment blocks as well as residential and commercial buildings and has a total rental area of around 356,000 m².
The assets are located in six cities in North Rhine-Westphalia and the Ruhr valley: Mülheim an der Ruhr, Duisburg, Dinslaken, Essen, Düsseldorf and Oberhausen.
The buildings were constructed between 1895 and 2001 and are almost fully rented.
