German lender Pbb Deutsche Pfandbriefbank has provided a €20 mln loan to Aurelis Real Estate to finance the acquisition of a commercial property in southwest Germany.
German lender Pbb Deutsche Pfandbriefbank has provided a €20 mln loan to Aurelis Real Estate to finance the acquisition of a commercial property in southwest Germany.
Closing of the transaction took place in January 2014.
The former Hewlett Packard site is located in the town of Böblingen, around 20 km southwest of Stuttgart in the state of Baden-Württemberg,
Aurelis announced the acquisition of parts of the site in early February. It comprises buildings for commercial/industrial use and offices with up to four floors and an aggregate floor space of around 52,000 m2, of which 90% is let.
In addition to the main tenant, medical technology specialist Philips Healthcare, the company is in talks with other tenants from the automotive and logistics sectors.
'Pbb is one of the most important partners for large-volume real estate financings on the German market,' commented Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank. 'We want to expand our business in the strong economic regions of Baden-Württemberg, and especially in the Stuttgart area.'
