Pbb Deutsche Pfandbriefbank has provided a loan of around £48 mln (€58 mln) to a fund of Harbert Management Corporation to finance the acquisition of a portfolio of retail warehouses across the UK.

Pbb Deutsche Pfandbriefbank has provided a loan of around £48 mln (€58 mln) to a fund of Harbert Management Corporation to finance the acquisition of a portfolio of retail warehouses across the UK.

The transaction closed in December 2013 and marks Deutsche Pfandbriefbank's first loan to Harbert, a privately owned alternative asset management firm with around $3.2 bn in assets under management as of 1 January 2014.

The facility is secured against six retail warehouse assets held by Harbert European Real Estate Fund III which were built between 1990 and 2007 and have an occupancy rate of 98%.

Charles Balch, head of real estate finance international at pbb Deutsche Pfandbriefbank, said the transaction represents the further expansion of the German bank's portfolio secured on regional assets and testifies to pbb’s appetite to provide financing for assets outside London.