pbb Deutsche Pfandbriefbank has provided a loan amounting to approx. €38 mln to WCM Beteiligungs- und Grundbesitz, a specialised commercial real estate company based in Frankfurt/Main.
The closing of the transaction took place in November 2016. The funds support the acquisition of a retail portfolio, announced by WCM at the end of September 2016.
'WCM distinguishes itself through an experienced management team and a high level of real estate know-how. The financed shopping centres benefit from a strong anchor tenant with a long-term commitment; the stores are important ports of call in their respective regions,' commented Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank.
'pbb commands strong expertise in the financing of retail properties. We were thus happy to support this exposure,' Meitinger added.
The four retail shopping centres, with a total lettable area of 52,500 m2, are located in the German Federal states of Saxony-Anhalt, Saxony and Brandenburg. They are 96% let to a common anchor tenant, which has expressed a long-term commitment to the locations, according to pbb.
