Cologne: pbb finances development on Deutz Area

15/12/2017

The Düsseldorf project developer Gerchgroup has secured financing for the development of the former Deutz AG premises in Cologne’s Mühlheim district. The pbb Deutsche Pfandbriefbank in Munich is providing a €140mn loan as acquisition financing for the approx. 160,000 sqm site, on which a new city quarter is to be built in the next years. The development planning process is currently in the coordination phase with the city of Cologne; the property is to be primarily residential, with approx. 1,000 units. Gerchgroup wants to invest €1bn in the site, according to previous communications.


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