Real Estate
Deutsche Pfandbriefbank Adds Provisions Amid Property Crisis
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Deutsche Pfandbriefbank AG, a German lender focused on commercial real estate, put aside more money for souring loans to prepare for what it said was the biggest property upheaval since the financial crisis 15 years ago.
The firm known as PBB said provisions for last year will be as much as €215 million ($232 million), according to a statement Wednesday. Pretax profit for the year is expected to reach €90 million, at the bottom of its already downgraded range, according to preliminary figures.