German lender pbb Deutsche Pfandbriefbank has extended its existing financing to Swedish listed firm Sagax by providing two loans of SEK 2.34 bn (€252 mln) and €135 mln to Sagax’ subsidiaries in Sweden and Finland.
German lender pbb Deutsche Pfandbriefbank has extended its existing financing to Swedish listed firm Sagax by providing two loans of SEK 2.34 bn (€252 mln) and €135 mln to Sagax’ subsidiaries in Sweden and Finland.
The Swedish and Finnish portfolios consist of 69 light industrial and warehouse properties with some 75% of market value located in the Greater Stockholm and Helsinki Metropolitan Areas.
In total, the portfolio covers some 620,000 m2.
'The Scandinavian real estate markets show exceptional stability with increased activities from both domestic and international investors. Sagax is our largest client in the Nordic countries and we can look back on a successful business relationship of more than 12 years,' said Norbert Müller, head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank.
'Long term funding is a prerequisite for Sagax. The new seven-year facility is very supportive for our business model,' added David Mindus, CEO of Sagax.
pbb Deutsche Pfandbriefbank has been operating from its Stockholm office since 2012. Its real estate finance portfolio in the Nordics amounts to €1.5 bn.
