State-owned German housing provider, Berlinovo, has clinched a €1.1 bn loan to refinance its Kontor real estate portfolio, from a syndicate led by Berlin Hyp, Berliner Sparkasse and Investitionsbank.
All three syndicators are participating with € 384 mln each.
The portfolio comprises 133 properties throughout Germany, covering a total of 1.6 million m2 of rental space. The majority of the portfolio - around 70% - is Berlin housing.
Berlinovo has already developed large parts of the stock for specific target groups, the housing provider said, in order to meet demand for homes in the capital. Around a quarter of the units are partially furnished apartments.
As small share quantities of Berlinovo subsidiaries are still in free float, a complex and differentiated financing structure with a total of 15 borrowers was necessary, according to Berlin Hyp. The loan will be disbursed in 32 tranches and has a term of up to 20 years.