German real estate lender pbb Deutsche Pfandbriefbank has inked a €120 mln refinancing deal with TAG Immobilien for 3,600 residential units and commercial properties at 18 locations across Germany.
'We were pleased to be involved as partners in this financing to our long-term client, TAG Immobilien. TAG distinguishes itself by in-depth market knowledge, and particularly professional, active rental management,' commented Gerhard Meitinger (pictured), head of real estate finance Germany at pbb.
About 65% of the properties, which represent a total area of 218,819 m2, are located in Mecklenburg-Western Pomerania - mainly in Rostock - with the rest mostly in Brandenburg (32%) and the remainder in Saxony-Anhalt and Berlin.
The average vacancy rate of the assets is 2.6%.
'We are very satisfied with the successful refinancing of this portfolio, at an early stage, which pbb implemented swiftly and competently,' added Martin Thiel, TAG Immobilien's CFO.
