Pbb, HSH Nordbank refinance DIC Asset's portfolio

Pbb Deutsche Pfandbriefbank and HSH Nordbank are each providing €160 mln to DIC Asset as joint mandated lead arrangers for the refinancing a portfolio of 40 commercial real estate assets.

The financing arrangement has a term of seven years. Pbb Deutsche Pfandbriefbank is acting as the facility and security agent.

The portfolio comprises office and business properties with a rental area of 240,000 m2, of which around two thirds are used as office premises. The main regional areas are the Rhine-Neckar region and also the Rhine-Main region. Tenants include BASF, Deutsche Börse, the federal states of Baden-Württemberg and Hesse as well as retail tenants with high credit ratings.

DIC Asset focuses on commercial real estate in Germany and manages €3.3 bn of assets.

'Extensive sector know how is essential for financing portfolio transactions of this size,' said Sonja Wärntges, CFO of DIC Asset.

'The financing of real estate portfolios forms part of our core business. In the case of this portfolio of existing properties, we were convinced by the quality and locations of the commercial properties as well as the long-standing and extensive expertise of DIC with the internal management of its real estate portfolio,' added Peter Axmann, global head of Real Estate Clients at HSH Nordbank.