Pbb extends €50m loan to GSW

German lender pbb Deutsche Pfandbriefbank has provided a €50 mln loan to German listed residential property company GSW Immobilien.

GSW will use the long-term loan to refinance one of its residential real estate portfolios in Berlin. The portfolio comprises a total of 40 properties with 1,229 residential units and 125 commercial units.

The portfolio transaction was closed in March 2013.

GSW Immobilien CFO Andreas Segal believes the loan will bolster the company’s growth strategy. ‘Active financial management is becoming more and more important to ensure that borrowing costs are kept as low as possible and also simultaneously to guarantee a high degree of flexibility with regard to the financing of new investments,’ he said.