- Successful placement with BerlinHyp and LBBW
- One of the largest and most complex transactions within the logistics real estate segment during 2016
Munich, 09 January 2017 – pbb Deutsche Pfandbriefbank has provided Growth Industrial Asset Net-Income Trust ("GIANT") with investment financing in support of GIANT’s acquisition of 34 logistics and industrial properties in Germany and the Netherlands, as announced on 1 December 2016. Initially, pbb provided a Senior loan of €260 million at deal closure. In a second step, the specialist bank for real estate finance placed some €140 million of that loan in December 2016. Berlin Hyp and Landesbank Baden-Württemberg (LBBW) have each taken a €70 million participation on their books. A group of pension funds is additionally engaged in the financing, with an equity share plus a mezzanine loan.
The industrial properties acquired by GIANT were previously managed by GARBE
Industrial Real Estate GmbH (GARBE). The total rentable space of all 34 properties in the portfolio is approx. 797,000 m2, being mostly logistics space, but also 5,000 m2 of retail and 105,000 m2 of light industrial space. GARBE will continue to service the portfolio as an investment manager and asset manager.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche
Pfandbriefbank, said: "With this transaction, pbb Deutsche Pfandbriefbank, together with its equity providers and partners, has come up with a financing that constitutes one of the largest and most complex loan structures the logistics real estate segment has seen in 2016. We succeeded in bringing together three financiers and the initiator, and finding the right structure for each of them – thereby proving our particular expertise in providing financing for complex portfolio deals involving senior and mezzanine tranches.”
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com
Oliver Gruss, +49 89 2880 28781, oliver.gruss(at)pfandbriefbank.com
About GARBE Industrial Real Estate GmbH
GARBE Industrial Real Estate GmbH, headquartered in Hamburg/Germany, is a
leading provider and manager of logistics properties and commercial real estate in Germany. GARBE has been a major independent partner for transport and logistics services providers, as well as for commerce and manufacturers, for more than 20 years. It develops, buys and sells, lets, manages and finances high-quality relettable commercial properties at attractive domestic and international transport and industrial hubs. GARBE currently manages 80 properties with more than two million m² of leased space at 60 locations in three countries. The overall value of its portfolio exceeds €1.5 billion.
About pbb Deutsche Pfandbriefbank
pbb Deutsche Pfandbriefbank is a leading European financier for commercial real estate and public sector investments. It is the largest issuer of Pfandbriefe (German covered bonds), and a key issuer of covered bonds in Europe. Deutsche Pfandbriefbank AG shares are listed on the Frankfurt Stock Exchange. The Bank's regional focus is on Germany as well as on the United Kingdom, France, Scandinavia as well as countries in Central and Eastern Europe. In these core markets, pbb maintains a strong local presence for its clients, covering all functions of the financing process. Thanks to its loan structuring expertise, its cross-border business approach, and cooperation with other financing partners, pbb is in a position to provide complex financings as well as cross-border transactions.
About Berlin Hyp AG
Berlin Hyp specialises in large-volume real estate finance for professional Investors and housing societies, for whom the Bank develops individual financing solutions. As an enterprise forming a Group together with the German savings banks, it also makes an extensive spectrum of products and services available to these institutions. Berlin Hyp’s clear focus, almost 150 years of experience and its close proximity to the Savings Banks Finance Group characterise the Bank as a leading German real estate and Pfandbrief bank.
About Landesbank Baden-Württemberg (LBBW)
Landesbank Baden-Württemberg (LBBW) is one of the largest commercial banks
in Germany and the central bank of the savings banks in Baden-Württemberg,
Saxony and Rhineland-Palatinate. Its core activities are the business with corporate customers, in particular small and medium-sized enterprises and the private customer business, as well as savings banks. A further focus is placed on realestate financing as well as the customer-oriented capital market business with banks, savings banks and institutional investors. Specialised subsidiaries such as leasing, factoring, real estate or asset management round out the product and Service range of LBBW group.