All signals are green: sustainability is playing an increasingly important role in real estate. Whether it be property owners, investors or tenants, all are showing an increasing interest in the environment, climate protection and the efficiency of buildings. This green building trend is inspiring architects and city planners to create innovative designs that bring nature to urban areas. Sustainability is even becoming an indispensable criterion for financing.
Read morepbb supports real estate investors in Europe and the US with financing for challenging projects. Below you will find a selection of international transactions that demonstrate the financing skills we provide for our clients.
The property
Solar Carve Tower, completed in May 2019, is a ten-storey office building with retail space – in a top location: the coveted Meatpacking District in Manhattan. The tower offers an open view of the Hudson River and is adjacent to the High Line, a former elevated rail line that has been transformed at great expense into an urban park and one of the Big Apple’s most popular attractions. Office space amounts to a total of 14,000 square metres with a ceiling height of nearly five metres.
The financing
For the refinancing and completion of the Solar Carve Tower, pbb provided property investors Aurora Capital Associates and William Gottlieb Real Estate with a loan in the amount of US$150 million.
The building combines an excellent location in the heart of Manhattan with stunning architecture and a highly sustainable building concept. With this mix, another attractive property is added to our financing portfolio. David McNeill, Head of RE Finance USA at pbb
The property
The Hamburg-Wilhelmsburg industrial area is home to FOUR PARX MACH 2, the first two-storey logistics property in Germany. The Four Parx project comprises more than 100,000 square metres of flexible floorspace on two levels, plus offices. HGVs can access the upper level directly via ramps. The concept addresses the current market challenges, such as shortage of space and rising land prices. What is more, the hall is built on a former manufacturing site. Thanks to this so-called brownfield strategy, further soil surface sealing was avoided.
The financing
Megatrends such as e-commerce and supply chain management have transformed logistics properties, making them a sought-after asset class for investors. Portfolios that are diversified across multiple properties and countries are particularly attractive, but at the same time the structuring is complex. Four Parx Hamburg belongs to a portfolio of the largest European logistics investor, AEW LOGISTIS, and is made up of 41 properties in Germany, the Netherlands, Poland and the Czech Republic. pbb has provided financing with an amount of €150 million.
As an experienced specialised financier with substantial expertise in logistics properties, we are exactly the right partner for large-volume and legally complex cross-border transactions such as this one. Mark Pohl, Director Origination International Clients Head of the expert team logistics at pbb
The property
The Futurama Business Park consists of six separate office buildings, connected by a walkway and surrounded by lawns and bodies of water. The complex was built in three stages between 2009 and 2017 and was the first building in the Czech Republic to be awarded the “Outstanding” rating by the BREEAM international sustainability certificate. The total area of more than 47,000 square metres is let to a variety of renowned and international companies.
The financing
To refinance the prime-location Futurama Business Park in Prague, pbb and Helaba have jointly provided the real estate investment company Caerus Investment Management (Caerus IM) with a loan facility in the amount of €107.5 million.
In this transaction, pbb not only acted as a lender and joint lead arranger, but also managed the collateral and administered the loan. Dieter Knittel, Head of Real Estate Finance CEE
The property
In 2020, the urban building complex Look 21 was completed. Consisting of two modern office buildings and a residential estate, it is located very close to Stuttgart’s central railway station. The new construction is characterised by its futuristic architecture and a green courtyard. The office space is completely let to an established company under a long-term contract.
The financing
pbb has provided financing for one of the three sections, an L-shaped office building. For the financing of one of the three buildings of Look21, pbb has provided a real estate company, which is active in the whole of Germany, with a long-term investment loan of approximately €57 million.
Look 21 is an attractive property for our portfolio. In addition to the excellent office location with optimal transport connections, the property also convinces with its general letting conditions. The average remaining term of the leases of 12 years promises a long rent retention an important value-enhancing factor for a property. Peter Miller, Head of Real Estate Finance Germany Region Mitte
We are committed to expanding our core business in Commercial Real Estate Finance, enhancing pbb’s sustainability and driving forward digitalisation.Andreas Arndt
Chairman of the Management Board and
Chief Financial Officer
We are a reliable and, in a positive sense, a predictable financing partner for our clients in Germany, Europe and the USA.Thomas Köntgen
Deputy CEO, Real Estate Finance and
Public Investment Finance
In this pandemic-related challenging market environment, the management of the credit portfolio and the selection of new business are extremely important issues.Andreas Schenk
Member of the Management Board,
Chief Risk Officer
Issuing green bonds is an essential part of our approach to integrating sustainability aspects into pbb’s business model.Marcus Schulte
Member of the Management Board,
Treasurer
What has been going on at pbb in recent months? Here is a small selection of the key news and events.
Read more16 CET1 ratio
42 Cost-income ratio
154 Pre-tax profit in € mn