German regional bank HSH Nordbank has provided EUR 120 mln financing to BGP, a joint venture between Australian groups Babcock & Brown and GPT, for the purchase of a property portfolio in Germany. The portfolio comprises 4,300 residential units with a total floor space of 260,000 m2, as well as 150 commercial units with a total floor space of 16,700 m[sup]2[/sup]. Most of the properties are located in Berlin and the Rhine-Ruhr area. HSH said BGP views the portfolio as a long-term investment, but does not rule out the sale of individual units.
German regional bank HSH Nordbank has provided EUR 120 mln financing to BGP, a joint venture between Australian groups Babcock & Brown and GPT, for the purchase of a property portfolio in Germany. The portfolio comprises 4,300 residential units with a total floor space of 260,000 m2, as well as 150 commercial units with a total floor space of 16,700 m2. Most of the properties are located in Berlin and the Rhine-Ruhr area. HSH said BGP views the portfolio as a long-term investment, but does not rule out the sale of individual units.
Claudio Lagemann, head of the real estate business unit of HSH Nordbank. HSH Nordbank, commented: 'The portfolio is heavily diversified, thereby broadly spreading the rental risks.' HSH has financed the purchase of several residential portfolios by Babcock & Brown group of companies since 2003.
