Hamburg Commercial Bank finances further fiber optic project for Primevest Capital Partners
- Fiber-optic network expansion for more than 20,000 private households in several German states
- Funding under KfW's "Digital Infrastructure" program
Hamburg, March 29, 2023 - Hamburg Commercial Bank (HCOB) is providing EUR 31.3 million in financing to the "Communication Infrastructure Fund" launched by Primevest Capital Partners (Primevest CP) for the roll-out of fiber-optic infrastructure in sub-urban and more rural regions among others close to the cities of Freiburg, Hadamar and Cham. This is already the fourth financing provided by HCOBto Primevest Capital Partners within one and a half years.
The investment loan is funded under the German government's KfW Digital Infrastructure Program, which was launched to support the construction and expansion of the national fiber-optic network. As Primevest CP's principal bank in Germany, Hamburg Commercial Bank has integrated the program into this financing. Under the current project, the necessary infrastructure will be expanded and leased to the network operator Vodafone, which will provide more than 20,000 private households with fiber-optic network connections (FTTH: fiber-to-the-home).
"We are pleased to have closed our fourth financing in 18 months with Primevest CP - a highly experienced investor in digital infrastructure," said Inka Klinger, Head of Project Finance at Hamburg Commercial Bank. "In total, these projects will enable more than 120,000 private households to be equipped with fiber optic cables. Given the still insufficient supply of this modern technology in Germany, this is an important step towards Germany-wide availability of fiber-optic technology."
Bas van Dongen, communications infrastructure partner at Primevest Capital Partners, said: “With the fourth financing we have now secured the debt funding for the complete investment portfolio of the Primevest Communication Infrastructure Fund. The willingness of HCOB to continue with financing Primevests’ projects shows the good relationship and that at our way of investing in fiber-optic networks is highly appreciated providing stable and secure cash flows. We are looking forward to further expanding our investment portfolio in the coming period with the launch of PCIF II.”
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