German lender pbb Deutsche Pfandbriefbank is providing a €130 mln loan to finance the development of the Baumkirchen-Mitte mixed-use project in Munich.
German lender pbb Deutsche Pfandbriefbank is providing a €130 mln loan to finance the development of the Baumkirchen-Mitte mixed-use project in Munich.
The scheme, one of the largest developments currently underway in the German city, is being constructed by a joint venture of CA Immo Deutschland and Patrizia Group.
Located close to the city on the site of the former railway maintenance depot Munich IV, the 60-hectare site will see the construction of about 450 apartments in several buildings, to be built in several phases over the next years. A section of the residential floorspace has been earmarked for publicly-subsidised housing.
In addition, the area will house a local shopping centre, day-care centres for children as well as a sports centre. Almost half of the site will remain unbuilt, as a landscaped park.
Construction work for the first flats is scheduled to start in the first quarter in 2014.
'Pbb Deutsche Pfandbriefbank is also active in development financings on a selective basis - with a particular focus on projects at its Munich base, as well as in other boom regions,' said Gerhard Meitinger, head of origination Germany at pbb Deutsche Pfandbriefbank.
He added: 'This transaction gave us the opportunity to win CA Immo Deutschland, a major market participant, as a new client.'
