Pbb Deutsche Pfandbriefbank has granted a €59 mln refinancing loan for a German portfolio owned by Heitman European Residential Investment Partners fund.
Pbb also repaid other financiers of the fund as part of the overall transaction.
The portfolio mainly consists of residential units centred in the Rhine/Main, Mannheim and Nuremberg regions. The portfolio is managed by Heitman, a global real estate investment management firm.
Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfand-briefbank, said: 'Medium- to-long-term financings for residential real estate portfolios lend themselves easily to Pfandbrief funding, thanks to their stable rental income. This allows pbb to quote competitive market terms.'
