PATRIZIA has secured a refinancing of the Commerzbank Tower in Frankfurt on behalf of its client Samsung SRA Asset Management based on an LTV of 55%. The significant refinancing from the consortium of banks arranged by BayernLB ensures a basis for further ESG investments in the building.
Philipp Schaper, CEO of European Real Estate at PATRIZIA, said: “Securing the refinancing of such a landmark asset is a major milestone considering the continued challenging economic environment we are operating in. Safeguarding client investments through solid financing in today’s tough market has never been more critical as we head into a new property cycle where value creation will be driven by hands-on quality asset management. Commerzbank Tower is undoubtedly one of the most iconic assets in Europe’s financial sector and this new loan agreement with key banking partners shows there is still appetite to finance sustainable office assets in Europe’s prime locations.”
Oliver Sill, Head of International Real Estate Finance and Funds at BayernLB explained that the transaction was successfully closed because of very professional and structured cooperation between the involved long-standing and reliable partner banks, pbb, LBBW and UniCredit together with PATRIZIA SE acting as the asset manager.
As the global HQ of Commerzbank, Commerzbank Tower benefits from a long lease with an exceptionally strong anchor tenant. Commerzbank leases 100% of available office space within the landmark 259-metre tower, with the ground floor featuring a public gallery with mixed retail and hospitality tenants. With a net zero target by 2040, Commerzbank has a clear sustainability strategy that creates a strong alignment of interests with the decarbonisation pathway for the building.
Designed by acclaimed architect, Foster + Partners, Commerzbank Tower was awarded the Green Building Frankfurt Award, in 2009. It has used 100% renewable energy since 2008 and is LEED Gold certified, while the building actively promotes biodiversity with nine internal sky gardens, recycles rainwater for its sanitary facilities and is cleaned exclusively with biodegradable materials. It is also equipped with smart building technology that optimises heating, ventilation and air conditioning (HVAC), as well as lighting usage.
Ashurst LLP and Alter Domus provided legal consultation on this refinancing.
