pbb and Partners provide €125m financing for German portfolio

German lender pbb Deutsche Pfandbriefbank and Swiss-based Partners Group have provided a total of €125 mln in refinancing for a mix-used commercial portfolio in Germany.

Munich-based pbb provided €91 mln senior loan to refinance the portfolio owned by Alpha German Property Income Trust, which is managed by London-based Alpha Real Capital.

pbb Deutsche Pfandbriefbank acted as arranger, agent and sole lender on this senior facility.

In addition, Partners Group, on behalf of its clients, provided mezzanine financing of €34 mln to support the refinancing. The total senior and mezzanine debt amount provided is €125 mln. The transaction closed in April 2015.

The commercial real estate portfolio, which predominantly consists of retail and logistics properties, comprises 29 assets across Germany with a highly diversified multi-tenant base. The properties are spread over several federal states with a lettable space of 156,000 m2.

Paolo Bortolotti, vice president, private real estate debt at Partners Group, commented: 'This transaction was a great opportunity to work together with another leading European real estate lender to provide financing to a portfolio of properties with strong cash flows operated by an experienced sponsor. Partners Group's mezzanine solution provided the necessary flexibility to meet complex requirements and was structured at attractive terms for our clients.'