German lender pbb Deutsche Pfandbriefbank has provided LBBW Immobilien, the real estate subsidiary of Landesbank Baden-Württemberg, with a loan of €125 mln for a residential development project in Munich.
German lender pbb Deutsche Pfandbriefbank has provided LBBW Immobilien, the real estate subsidiary of Landesbank Baden-Württemberg, with a loan of €125 mln for a residential development project in Munich.
The proceeds from the loan will be used for acquiring a site to the south-west of the Hirschgarten park in the district of Neuhausen-Nymphenburg and also for building two 53-metre high residential towers each with 15 floors and a total of 260 apartments.
Sales of the properties are expected to start at the beginning of 2014. According to current planning, construction will commence in the summer of 2014.
The complex is expected to be completed in the summer of 2016.
