Pbb provides €357m financing to Swedish residential portfolios

German lender pbb Deutsche Pfandbriefbank has granted SEK 3 bn (€357 mln) in refinancing and new funding for 8,000 apartments in Sweden.

The facility was obtained by subsidiaries of Hyresbostäder i Sverige II, ultimately owned by Boligutleie Holding II and
Hyresfastigheter Holding II Blå.

Both entities are managed by Obligo Investment Management with Graflunds Byggnads acting as property
manager.

The facility, which is a blend of refinancing and new funding, is used to finance seven residential portfolios in Sweden, comprising around 8,000 apartments distributed over 70 properties. These are mainly located in the Greater Stockholm area, in Norrköping and in Linköping.

The transaction closed in December 2012.

Norbert Müller, head of the bank's unit for Continental Europe West, said: 'This transaction constitutes pbb´s third financing since its re-entry into the Scandinavian markets in mid-September 2012 and shows our continued commitment to the Nordic region. The financed residential properties are very well managed and the funding is based on a stable and predictable cash flow.'