HSH Nordbank providing finance for GAGFAH GROUP real estate portfolio
Hamburg/Kiel, April 23, 2014 - HSH Nordbank has provided the GAGFAH GROUP with finance of EUR 176 million for a portfolio comprising more than 4,400 residential as well as 20 commercial units with living and useable floor space totalling almost 280,000 square metres. Some of the properties are held for sale in the short to medium term. About 85 percent of the residential units are located in the district town of Heidenheim (Baden-Württemberg) and its surroundings.
The GAGFAH GROUP is, with about 144,000 rental units and a further 35,000 units managed for third parties, one of Germany's leading market-listed residential property companies.
“We have had the best possible experience with HSH Nordbank in the past. The Bank once again convinced us with its speed and dependability and we very much look forward to working together again,” said Gerald Klinck, Chief Financial Officer of the GAGFAH GROUP.
“GAGFAH’s management put the company on a good course with the change in strategy that it implemented. We have had a business relationship based on mutual trust with the Group for many years now and have underpinned it with this new finance," said Peter Axmann, Head of the Real Estate Clients division at HSH Nordbank.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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