Gewobag, with 58,000 rental residential units and 1,500 commercial units in Berlin and Brandenburg, is one of Germany’s leading property companies. Gewobag’s property portfolio is representative of the diversity of Berlin and provides a solid base in the regional housing market. Wohnungsmarkt.
NORD/LB has, together with ERGO Insurance Group, provided finance for the acquisition of a residential property portfolio by Gewobag Berlin in the amount of € 87 million. The collateral for the finance provided by the consortium partner ERGO Versicherungsgruppe was provided by registering in NORD/LB’s refinancing register. This made the refinancing of the portfolio acquired easier and more efficient.
Wohnungsbaugesellschaft Magdeburg mbH
In the Beims estate, the state capital of Magdeburg has a first-class architectural monument in the district of Stadtfeld. Built in the 1920s and named after the mayor at the time, Hermann Beims, the estate’s costly redevelopment was based on the original plans, with modern standards in harmony with the interests of monument protection.
The biggest landlord in the Hermann Beims estate with around 2,000 apartments is the municipal housing company Wohnungsbaugesellschaft Magdeburg mbH.
Due to the high level of demand for apartments in the estate and in order to improve the situation in the letting market, the WOBAU has started as part of an extensive upgrade programme not only to implement complex redevelopment measures, but also to adapt the living comfort to modern-day requirements with layout changes. NORD/LB is supporting the financing of these measures and is therefore helping to create living space that meets the needs of the market in one of the most attractive districts in Magdeburg.
Deutsche Annington Immobilien Group
Managing and letting around 210,000 residential units, Deutsche Annington Immobilien Group based in Bochum is one of Germany’s leading housing groups.
With the long-term refinancing of its liabilities and the reorganisation of its creditor structure, the company is relying on regional banking partners with long-term partnership-based customer strategies and a high level of competence in the area of residential housing.
NORD/LB therefore refinanced the residential property company PRIMA, with around 4,500 apartments in Berlin, for the housing group. This financing replaced securitisation previously structured by Eurohypo. The new loan optimises Prima’s existing financial scope with among other things an improved capital servicing structure.
Hallesche Wohnungsgesellschaft mbH - Sale-and-lease-back transaction for a portfolio of flats
Hallesche Wohnungsgesellschaft mbH (HWG) manages approx. 20,000 flats and is one of the largest residential housing associations in Halle. Necessary budget reductions by the city of Halle forced HWG to face the new challenges of releasing liquidity and require new solutions.
Roughly 2,250 units of the municipal residential portfolio in the city of Halle are the object of an innovative, trend-setting financing transaction throughout Germany: They are sold by HWG to its own object company in a sale-and-lease-back transaction and then leased back from it. The purchase price serves to replace the existing loan and the released liquidity significantly contributes to a reduction in the budget for the city of Halle.
The selected lease arrangement considers to the same degree the balance sheet, tax and municipal policy aspects. HWG retains strategic influence over the portfolio of flats and their management and the tenants are protected from the speculation of return-oriented investors.
NORD/LB, Landesbank for Saxony-Anhalt, financed this transaction in collaboration with the leasing subsidiary LHI Leasing which played a major part in the structuring of this leasing model.
Arrangement of the DAWAG Acquisition by meravis
DAWAG (Deutschen Angestellten-Wohnungsbau-Aktiengesellschaft) is now called meravis. The acquisition of 6,000 flats in Hamburg and Dusseldorf as well as 70 employees from the former owner, Vereinigten Dienstleistungsgewerkschaft ver.di, was arranged, designed and financed by NORD/LB.
M&A specialists at the bank have structured and coordinated the entire transaction. The investment is designed for the long term; a social charter for employees and tenants represents the social responsibility of meravis Wohnungsbau- und Immobilien GmbH. Consequently, such a large real estate portfolio does not go to financial investors, but rather to a socially oriented investor.
The corporate group meravis, a company of the Sozialverband Deutschland (German Social Federation) now manages roughly 14,000 association or third-party residential and commercial units. The real estate portfolio is primarily in Hanover, Hamburg, North Rhine-Westphalia and Bremen.