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PBB closes €285m share of Deutsche Wohnen’s €800m BauBeCon financing package

Deutsche Pfandbriefbank (PBB) has confirmed the extension of a €285m senior loan to Deutsche Wohnen for the German listed residential property company’s acquisition of the 23,500 BauBeCon portfolio, which CoStar News first revealed almost three months ago.
By James Wallace
August 20, 2012 | 11:00 AM

Deutsche Wohnen beat GSW Immobellien and Apollo Global Management to acquire the German multi-family portfolio for 1.24bn from Barclays which exercised a call option after joint venture owners RREEF and Prelios after successive LTV covenant driven by falls in the portfolio’s value wiped out their combined equity.

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