pbb provides €38 million investment finance facility to WCM
pbb Deutsche Pfandbriefbank has provided a loan amounting to about €38 million to WCM Beteiligungs- und Grundbesitz AG ("WCM"), a specialised commercial real estate company based in Frankfurt/Main.
The closing of the transaction took place in November 2016. The funds support the acquisition of a retail portfolio, announced by WCM at the end of September 2016.
The four retail shopping centres, with a total lettable area of 52,500 sqm, are located in the German Federal states of Saxony-Anhalt, Saxony and Brandenburg. At 96 percent occupancy, the rental situation in the specialist retail stores is excellent. The anchor tenant at all four locations is a well-established, leading self-service store operator, which has expressed a long-term commitment to the locations. The shopping centres perform key supply functions in their respective catchment areas.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: "WCM distinguishes itself through an experienced management team and a high level of real estate know-how. The financed shopping centres benefit from a strong anchor tenant with a long-term commitment; the stores are important ports of call in their respective regions. pbb commands strong expertise in the financing of retail properties. We were thus happy to support this exposure."