Trei secures €38 million financing from pbb Deutsche Pfandbriefbank for international expansion

Trei Real Estate GmbH, a global developer and asset manager, has secured a €38 million cross-border loan from pbb Deutsche Pfandbriefbank AG. The five-year financing deal will support Trei’s continued investments in Poland and the United States.

The loan is backed by ten Vendo Park retail properties in Poland, located in Chełm, Konin, Łapy, Łódź, Lubin, Milanówek, Mińsk Mazowiecki, Nysa, Skierniewice, and Świdnica. Seven of these parks were refinanced following the repayment of a prior facility in November, while three recently opened parks are being used as collateral for the first time.

Matthias Schultz, CFO of Trei Real Estate, commented: “This financing arrangement enables us to release additional equity to fuel investments in Poland and the United States. pbb has been a trusted partner, previously supporting us with long-term loans in 2020 and 2023 for retail properties. Their support continues to play a vital role in our growth strategy.”

With this loan, Trei’s debt-to-equity ratio increases to 38%, with plans to reach around 40% by year-end. Schultz emphasized the company’s cautious approach to leveraging, with a long-term target of maintaining an LTV ratio between 45% and 50%.

The Vendo Park brand has become a cornerstone of Trei’s retail development strategy in Poland, offering a resilient and future-ready retail model.

Dieter Knittel, Head of CEE at pbb Deutsche Pfandbriefbank, highlighted the significance of the partnership:
“Trei has developed into a key client, and we are proud to support its expansion strategy once again. The Vendo Park concept has demonstrated strong potential for growth, making it an attractive asset base for financing.”

The financing deal is part of Trei’s broader expansion strategy, which has seen several large-scale funding arrangements in recent years. Earlier in 2024, the company secured €35.5 million for projects in Germany, Poland, and the United States.

Trei’s current development pipeline includes:
• 2,500 rental and ownership apartments in Poland.
• 2,000 rental apartments under construction in the southeastern United States.
• 1,150 rental apartments in Germany.
• 39 operational Vendo Parks in Poland, with two additional parks set to open by year-end.

This latest financing underscores Trei’s commitment to leveraging strategic partnerships to drive growth while maintaining prudent financial management. With its robust pipeline and trusted collaborators like pbb, Trei is well-positioned to continue its expansion in both residential and retail markets globally.