Pbb lends €58m for inner-city development in Wiesbaden

Pbb Deutsche Pfandbriefbank is providing €58 mln financing to German property company IFM Immobilien to develop an inner-city site in Wiesbaden.

IFM is planning to create an office and residential quarter in Kureck, between Schöne Aussicht and Taunusstraße/Sonnenberger Straße, with retail premises and restaurants included.

The first stage is a new office building with 10,700 m2 of space and an underground car park for the state of Hessen’s Ministry of Integration and Social Affairs.

The financing will also be used to refurbish and expand a listed building premises with around 3,700 m2 of rental space, and to build an 11-apartment city villa.

Over the next few years the new residential quarter covering more than 40,000 m2 of gross floor space will be built on the site.

Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank, said: ‘Pbb is happy to support this project and, with its extensive network on the German market, is the first contact for national and international real estate investors and developers.’