German lender pbb Deutsche Pfandbriefbank has extended an investment loan for German firm Aurelis ahead of schedule and syndicated a portion to other lenders.

German lender pbb Deutsche Pfandbriefbank has extended an investment loan for German firm Aurelis ahead of schedule and syndicated a portion to other lenders.

Pbb acted as lead arranger and agent, providing €360 mln of the €420 mln facility.

The loan is to be used for the refinancing of a real estate portfolio consisting of 439 buildings and plots of land with a total of around 11 million m2 in Germany.

The financing was originally agreed in September 2009 and has now been extended to the end of 2016. Since 2009, Aurelis has reduced the loan volume by over €500 mln through the sale of properties. As a result, the financing ratios have developed well, said pbb.

'Over the past number of years, Aurelis has successfully managed this complex real estate portfolio,' said Gerhard Meitinger, head of Real Estate Germany at pbb Deutsche Pfandbriefbank.

Aurelis focuses on asset management, land development and project development. Currently, the company`s portfolio consists of 439 plots and properties with about 11 million m2 of land and renting space.