PATRIZIA's Iconic Commerzbank Tower Refinanced

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by KnowESG,

Patrizia AG

KnowESG_PATRIZIA's Iconic Commerzbank Tower Refinanced
Image courtesy of PATRIZIA

PATRIZIA, a prominent global real asset partner, has successfully secured substantial refinancing for the prestigious Commerzbank Tower in Frankfurt, acting on behalf of its client Samsung SRA Asset Management.

This achievement is based on a Loan-to-Value (LTV) ratio of 55%. The significant refinancing, orchestrated by a consortium of banks organised by BayernLB, not only provides a solid financial foundation but also paves the way for future investments in the building that align with environmental, social, and governance (ESG) principles.

Philipp Schaper, CEO of European Real Estate at PATRIZIA, emphasised the significance of this milestone, especially considering the current challenging economic landscape. He stressed the importance of securing robust financing to protect client investments in the prevailing tough market conditions.

Schaper highlighted that as the property sector enters a new cycle characterised by the value generated through hands-on, high-quality asset management, obtaining refinancing for a landmark asset like Commerzbank Tower holds particular weight.

He underscored the tower's iconic status within Europe's financial sector and emphasised that the recent loan agreement with esteemed banking partners demonstrates a continued appetite for financing sustainable office assets located in prime European destinations.

Oliver Sill, Head of International Real Estate Finance and Funds at BayernLB, attributed the successful conclusion of the transaction to a well-coordinated and professional collaboration among trusted and long-standing partner banks: pbb, LBBW, and UniCredit, along with PATRIZIA SE, which acted as the asset manager in the process.

Serving as the global headquarters of Commerzbank, the fourth-largest bank in Germany in terms of assets, Commerzbank Tower enjoys the benefits of a long lease with a remarkably strong anchor tenant.

The tower, soaring 259 meters, boasts 100% lease occupancy by Commerzbank for all available office spaces, complemented by a public galleria on the ground floor featuring a diverse array of retail and hospitality tenants. Commerzbank's commitment to achieving net zero emissions by 2040 underscores a clear sustainability strategy that harmonises with the building's decarbonisation objectives.

Crafted by the renowned architect Foster + Partners, Commerzbank Tower earned the esteemed Green Building Frankfurt Award in 2009. The tower has exclusively relied on 100% renewable energy since 2008 and proudly holds LEED Gold certification.

The building actively supports biodiversity through the incorporation of nine internal sky gardens, while rainwater is harnessed for sanitary facilities and cleaning operations exclusively employ biodegradable materials. Furthermore, the tower is equipped with advanced smart building technology that optimises heating, ventilation, air conditioning (HVAC), and lighting usage.

Prominently situated in the heart of Frankfurt, Commerzbank Tower stands as an emblematic structure in the city's globally renowned banking district. According to CBRE research, Frankfurt ranks among the top 10 European cities for cross-border investment interest, and its projected GDP and employment growth between 2023 and 2027 is expected to surpass the overall performance of Germany as a whole, as forecasted by Oxford Economics.

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Source: Patrizia

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