Pbb finances inner-city quarter in Hamburg's Hafencity

German lender pbb Deutsche Pfandbriefbank has provided €102 mln to several special-purpose vehicles of investors Quantum Immobilien and Engel & Völkers for the construction of three buildings in the Hafencity quarter of Hamburg.

The loan will finance the development of the new Richard Meier-designed headquarters of real estate agent Engel & Völkers which will provide 5,350 m2 of space and 80 parking spaces.

In addition, 1,150 m2 of retail space - partly also let to Engel & Völkers - as well as 70 apartments and 100 parking spaces will be created in an adjacent residential tower. In a third building, 24 rental apartments with 20 parking spaces and an additional 544 m2 of business space will be built.

The loan agreement was signed in December 2014 with the first tranche already disbursed.

'Hamburg is a highly attractive market for pbb Deutsche Pfandbriefbank where we would like to further expand our activities,' commented Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank.