German lenders pbb Deutsche Pfandbriefbank and the Investitionsbank Berlin (IBB) have granted a 鈧�280 mln loan to various units of the Ado Group to purchase a residential portfolio in Berlin.
German lenders pbb Deutsche Pfandbriefbank and the Investitionsbank Berlin (IBB) have granted a 鈧�280 mln loan to various units of the Ado Group to purchase a residential portfolio in Berlin.
Pbb provided 鈧�155 mln of the total loan amount and IBB 鈧�125 mln. The transaction closed in March with pbb acting as the mandated lead arranger and IBB as co-arranger.
Ado Properties, a German subsidiary of Tel Aviv-listed Ado, bought the portfolio in December 2014 from GSW Immobilien. The package consists of 5,749 residential units in the districts of Spandau (57%) and Reinickendorf (43%) as well as 68 commercial units. The portfolio has an occupancy rate of over 96%.
'The residential real estate market in Berlin continues to be a focus for national and international investors. There is a high demand for affordable housing and this level of demand will continue for the foreseeable future,' commented Gerhard Meitinger , head of real estate finance Germany. 'The market in Berlin continues to offer pbb, as a real estate financier, great opportunities.'
