Investitionsbank Berlin (IBB) has provided pbb Deutsche Pfandbriefbank with another master credit line, this time worth €65 mln, to finance housing projects in Berlin.
The global loan will be used by pbb to refinance loans to Berlin-based housing and real estate companies, covering the portions of debt not eligible for Pfandbrief funding.
'As a specialist bank for real estate finance, pbb supports clients in Berlin with its particular sector expertise. Through this master credit line, we combine the benefits of attractive Pfandbrief funding terms with the refinancing terms offered by IBB as a public-sector bank. This will enable us to support selected eligible investments of housing and real estate companies in Berlin,' commented Gerhard Meitinger, head of real estate finance at pbb.
The two banks entered into their first master agreement of this kind in 2013.
'This cooperation with Deutsche Pfandbriefbank will reduce financing costs for housing enterprises – ultimately, it will benefit rents in the financed properties. With pbb, we have found a powerful and experienced partner for implementing these tasks,' concluded Andreas Tied, head of real estate and urban development at IBB.
