Swedish Nordics residential specialist Heimstaden has financed six buildings with German lender pbb Deutsche Pfandbriefbank, according to the latest issue of Europroperty, part of the PropertyEU group.
The portfolio comprises 57,000 m2 and 1,100 mid-priced rental apartments in Haninge, Flemingsberg and Råcksta in Stockholm. They are owned by Heimstaden Bostad, a company Heimstaden co-owns with Swedish pension fund Alecta, enabling it to have ownership in geared assets.
The SEK 1.44 bn deal (€150 mln) marks a new relationship for pbb which, like other German pfandbriefbanks, is targeting the Nordics to expand and diversify its business.
Norbert Müller, pbb’s head of real estate finance Continental Europe West, said: ‘The Nordic region remains a key strategic market for pbb. We are also very pleased to build a relationship with Heimstaden.’
The German bank has also just refinanced Les Docks in Marseille, an office and retail dockside complex bought by Amundi earlier this month for around €200 mln in one of the biggest deals in the French city.
Pbb is thought to have advanced a low leverage senior loan of about €70 mln at a margin close to 100 bps.
The asset is the last to be sold in a fund managed by JPMorgan Asset Management. JLL advised JPMorgan and CBRE acted for Amundi.
