Pbb Deutsche Pfandbriefbank has provided €72 mln of financing to US private equity firm Cerberus to purchase a maturing mortgage loan that will subsequently be converted into a long-term real estate loan.
Pbb Deutsche Pfandbriefbank has provided €72 mln of financing to US private equity firm Cerberus to purchase a maturing mortgage loan that will subsequently be converted into a long-term real estate loan.
The loan purchase is part of a larger loan portfolio acquired by Cerberus affiliates. The financing will be converted into a long-term real estate loan once the properties are acquired.
It is the first time that Pbb has financed the acquisition of a loan prior to the transfer of the financed properties.
The commercial real estate portfolio includes seven retail properties in ‘good to very good micro locations of major cities’ in Western and Southern Germany, Pbb said. Cerberus plans to significantly revitalise the properties in tandem with asset manager Estama Real Estate, which has served as property manager for the portfolio for several years.
