pbb backs Munich housing development

German bank pbb Deutsche Pfandbriefbank is providing financing for a commercial housing development project in Munich.

The lender is Munich-based commercial housing developer Wowobau Wohnungsbaugesellschaft. The volume of the financing was not disclosed.

Wowobau acquired part of the 'Mein Aubing' site, located in Aubing, in the western part of Munich, from Aurelis Real Estate.

Wowobau plans to develop the site over the next two years, with the construction of around 115 residential units with an aggregate floor space totalling about 10,500 m2, plus underground parking spaces.

The company intends to sell the flats individually, with an expected aggregate sales volume of some €46 mln.