US-based industrial real estate developer Hillwood has obtained a €64.43 mln loan from pbb Deutsche Pfandbriefbank to finance two projects in North Rhine-Westphalia, Germany.
The loan will support the development of two industrial properties in Essen and Mönchengladbach, respectively amounting to €47.32 mln and €17.11 mln.
The Essen project, offering approximately 42,000 m2 of rental space, is already fully leased to the online retailer Euziel and is scheduled for completion in early 2025. The Mönchengladbach project, comprising 17,700 m2 of rental space, is also expected to be completed in early 2025.
Both properties are strategically located near major highways, providing excellent connectivity for businesses.
Armin Senoner, director of Hillwood Debt Management Europe, said: ‘We are pleased to expand and strengthen our partnership with pbb Germany through this new loan. This loan provides us with a compelling opportunity to work with an experienced, recurring partner and lender to build prime industrial space in a strategic location.’
Gerhard Meitinger, head of Real Estate Finance Germany at pbb, added: ‘The demand for modern industrial space in well-developed locations is driven by the megatrend of e-commerce and remains high. As a reliable financing partner of Hillwood, we are therefore pleased to make our contribution to upgrading the locations.’
As part of the Perot Company, Hillwood focuses on strategically located sites, partnering effectively with both public and private landowners, to develop properties that meet the evolving needs of logistics, distribution, and manufacturing companies.
