Bank consortium around pbb provides EUR 168 m loan to B&L Group


pbb, together with Hamburger Sparkasse and Berlin Hyp, is providing B&L Group with a loan totalling EUR 168 million for the purchase of a centrally located office complex in Hamburg. The loan is being provided in equal shares by the banks. pbb acted as mandated lead arranger and syndicate leader. Edmond de Rothschild Real Estate Investment Management also acts as mezzanine lender via two real estate loan funds managed by it.

The established office location is in an extremely central position, a few hundred metres from the main railway station. The ensemble consists of a total of 9 buildings and has a lettable area of around 67,000m², plus archive space and an underground car park with 500 parking spaces. The complex, which is currently mainly used by Generali Deutschland AG, will be ready for transfer to a new, contemporary and sustainable use when the leases expire at the end of 2023. Due to its location and structure, there is a wide range of repositioning possibilities, from sustainable redevelopment to the creation of a modern and open quarter with campus character.

Gerhard Meitinger, Head of Real Estate Germany at pbb, says: "B&L Group has been successful for years in the development, investment and management of high-quality real estate and is therefore predestined to transfer the existing property into a modern use."