German lender Deutsche Hypothekenbank has joined forces with insurer Ergo and banks DZ Hyp and Volksbank to provide a €296 mln short term loan to finance four mixed-use properties in the newly developing Heidestrasse quarter in Berlin for Aggregate Holding.
This financing is the first project development to be presented together with an insurance company. Ergo Group and DZ Hyp are acting as co-arrangers and Deutsche Hypo as arranger. The financing will be made available over a term of just over two years.
The Quartier Heidestrasse comprises a total of seven interconnected building complexes and is located in the immediate vicinity of Berlin’s main railway station in the new Europacity quarter.
The financing in particular is secured against four properties - Crown II, Straight, Colonnades and Spring comprising a total of 72,383 m2 on the site of the former container railway station. They offer a mix of residential, office and commercial space. A hotel, nursery areas, cafés and restaurants as well as green retreats round off the offer. Residential space for rent accounts for the largest share. Completion is expected in 2023.
‘This quarter development is particularly convincing due to its sustainable concept. A living space is being created here that allows plenty of room for meeting and exchanging ideas and optimally combines living and working,” explains Andreas Rehfus, member of the board of managing directors of Deutsche Hypo. ‘Together with our consortium partners, we are pleased to support our clients Aggregate Holdings, the project developer Taurecon Real Estate Consulting and Drees & Sommer Projektmanagement und bautechnische Beratung in this financing, which is undoubtedly one of the largest urban developments in Berlin today.’