Munich, 25 August 2021 – pbb Deutsche Pfandbriefbank provided a loan facility of approximately €70 million for refinancing Dieterich Karree, a mixed-used property managed by Redevco and located in Düsseldorf, Germany. pbb acted as arranger and sole lender under the facility.
Redevco acquired Dieterich Karree in 2020 on behalf of one of its investor clients. The asset is located in Pempelfort, a popular residential area of Düsseldorf just north of the city center. The property offers a net rental area of around 38,000 sqm and comprises 283 apartments, 10,084 sqm of convenience retail space and 660 underground parking spaces. The retail area was refurbished in 2013 together with half of the apartments. The remaining apartments are currently being renovated. The main retail tenants are Edeka, Aldi and national drugstore retailer DM Drogeriemarkt.
Charles Balch, Head of Real Estate Finance International Clients, CEE & UK, at pbb Deutsche Pfandbriefbank said: "We are delighted to support Redevco, a highly respected pan European investor, with this transaction. We are very pleased to have completed the entire process through our new customer portal, which ensures we can provide our customers with a straightforward and efficient service.”
Herman Jan Faber, Co-head Fund Management at Redevco added: “We are happy to have executed this loan on behalf of one of our investor clients. Dieterich Karree was one of the first acquisitions into a residential focused fund, and this leverage will enhance the returns and help us meet our ambitions in the German residential market. The process, supported by PBB’s user-friendly customer portal, was run smoothly and professionally. As the service portal was very easy to use and fully self-explanatory, we will continue using it for further documentation and data exchange in the years to come.”
Media contact
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.com