German commercial real estate financing back Deutsche Pfandbriefbank (pbb) has acquired a majority stake in local real estate investment manager Deutsche Investment.
Pbb said it is acquiring a 89.9% stake in the asset management company of Deutsche Investment, as well as other companies and majority stakes of the group for a mid-double-digit million price.
Deutsche Investment brings 鈧�3.2bn in managed assets, and investment know-how in the residential and commercial real estate sector in Germany.
Kay Wolf, Pbb鈥檚 CEO, said: 鈥淲ith this acquisition, we are laying a strong foundation for the further expansion of our investment management, which will complement our core business of commercial real estate financing in Europe in the future.鈥�
According to Pbb鈥檚 first half financial statement, the firm has withdrawn from the US, which resulted in a one-off negative impact on operating profit. In Europe, however, the bank鈥檚 commercial real estate financing business grew by 52% year-on-year during the period to 鈧�2.5bn.
Pbb considers hotels, senior and student housing and data centres to be strategic growth areas, accounting for 21% of its new business pipeline.
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