Hypo RE Bank will finance the purchase of 96.83% of Deutsche Grundbesitz (DGAG) by Pirelli RE, the bank has said in a press release. Hypo RE has already provided Pirelli RE with financing of EUR 290 mln and will provide the further EUR 900 mln in the next few months.
Hypo RE Bank will finance the purchase of 96.83% of Deutsche Grundbesitz (DGAG) by Pirelli RE, the bank has said in a press release. Hypo RE has already provided Pirelli RE with financing of EUR 290 mln and will provide the further EUR 900 mln in the next few months.
Pirelli announced it had acquired DGAG from the NSH Nordbank and private investor last October. In December, the company signed credits agreements with Hypo RE Bank. DGAG holds about 22,500 apartments spread mainly in Kiel, Hamburg and Lubeck, as well as commercial properties in the Greater Hamburg region.
Pirelli RE said on Thursday it intends to buy a further 2.54% in the German DGAG, through an agreement with the entrepreneurs Abert Buell and Cornelius Liedtke. The total investment by Pirelli in the property group comes to EUR 465 mln.
Hypo RE Bank is part of Hypo RE Group, one of the largest European providers of commercial real estate financing.
