Together with LBBW Landesbank Baden-Württemberg, pbb Deutsche Pfandbriefbank has provided EUR 140 million to maincubes, an investment of Art Invest Real Estate, for the construction of a data centre in Frankfurt/ Main. The banks provided the loan in equal parts. pbb arranged the financing and is acting as facility and security agent.
Construction of the four-storey data centre has already begun; completion is scheduled for 2023. The property will have around 7000m² of lettable space, most of which has already been let to a public sector user. Alongside London, Amsterdam and Paris, Frankfurt is one of the largest locations for data centres.
Gerhard Meitinger, Head of Real Estate Germany at pbb, said: "We already have a long-standing business partnership with Art Invest Real Estate as one of the largest German project developers, and we are pleased to be able to support the group with its latest project as well."
Norbert Zube, Head of Debt Capital at Art Invest Real Estate, said: "We are very pleased that, together with our partner banks, we have succeeded in providing real estate-based financing for our investment in maincubes and its largest data centre project to date.