GSG secures €510m in refinancing from Berlin Hyp

GSG Gewerbesiedlungs-Gesellschaft mbH secured a seven-year, €510m loan from Berlin Hyp to refinance its commercial real estate portfolio, which includes 41 properties in the German capital, totaling 770,000 sqm of leasable space and 5,600 parking spots. The loan will be used to refinance liabilities from funding provided by a syndicate of banks and an additional lender. Most of the assets in the GSG commercial portfolio are located in Berlin’s Kreuzberg district with additional properties in the western part of the city as well as in the eastern districts of Marzahn, Pankow and Hohenschönhausen. The properties are multifunctional rental spaces that can be used for office, warehouse or production purposes. Most of the space is leased to small and medium-sized workshops and commercial enterprises, as well as to start-ups. The largest tenants include Technische Universität Berlin, the radio station Deutsche Welle, Fraunhofer Gesellschaft e.V. and the co-working space provider Ahoy Berlin.