Duesseldorf/Munich, 15 December 2017 – The Duesseldorf based developer GERCHGROUP AG has secured financing for its „Deutz Area“ development in Muehlheim, a district of Cologne, Germany. pbb Deutsche Pfandbriefbank will provide a loan of € 140 million to GERCHGROUP to buy a plot of land formerly used as an industrial estate.
The plot, which used to be the premises of engine company Deutz AG, measures around 160.000 m² and is set to be developed into a new city quarter. GERCHGROUP AG will continue the urban development plan procedure for the area with the city of Cologne. In addition to its residential focus, commercial usag-es are planned for the property.
Mathias Düsterdick, CEO of GERCHGROUP AG, said he was pleased to be able to work with pbb again. “We have realized a number of transactions together and we value pbb as a reliable and responsible partner. We look forward to working with pbb on this project.”
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: „This transaction underscores pbb’s expertise when it comes to complex financings for a plot of land. “Deutz Area” is a fascinating inner city development and the loan facili-ty is certainly one of the larger transactions of this kind in Germany in 2017.”
Notes to the Editors:
For further information on GERCHGROUP, please visit gerchgroup.com.
pbb Deutsche Pfandbriefbank (www.pfandbriefbank.com) is a specialist lender for commercial real estate finance and public investment finance in Europe and the United States of America. pbb is a major issuer of Pfandbriefe, which makes it also an important player in the European covered bond markets overall. pbb is listed on the Frankfurt Stock Exchange.
Media contacts:
GERCHGROUP, Mathias Düsterdick, +49-211 30 18 15-0
pbb Deutsche Pfandbriefbank, Walter Allwicher, +49 89 28 80-2 87 87