PATRIZIA secures significant refinancing on iconic Commerzbank Tower in Frankfurt

PATRIZIA, on behalf of Samsung SRA Asset Management, has secured significant refinancing on the iconic Commerzbank Tower in Frankfurt

  • PATRIZIA, on behalf of Samsung SRA Asset Management, has secured significant refinancing of 55% LTV on the iconic Commerzbank Tower in the heart of Frankfurt’s banking district
  • The club deal saw BayernLB act as Facility and Security Agent, working together with pbb Deutsche Pfandbriefbank, Landesbank Baden-Württemberg (LBBW) and UniCredit
  • Commerzbank Tower is the long-standing global HQ of Commerzbank, Germany’s fourth largest bank by assets
  • Designed by Foster + Partners as the ‘world’s first ecological office tower’, the building features nine internal sky gardens and has been 100% powered by renewable energy since 2008

Augsburg, 10 August 2023. PATRIZIA, a leading partner for global real assets, has secured significant refinancing of the iconic 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 into the building.

Philipp Schaper, CEO 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 a 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, Germany’s fourth largest bank by assets, 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 galleria with mixed retail and hospitality tenants. With a net zero target by 2040, Commerzbank has a clear sustainability strategy that creates 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.

Situated in the heart of Frankfurt, Commerzbank Tower is regarded as one of the most iconic buildings in the city’s globally renowned banking district. Frankfurt is a top 10 European city for cross-border investment interest, according to research from CBRE, while its GDP and employment growth is predicted to outpace Germany as a whole between 2023-27 (Oxford Economics).

Ashurst LLP and Alter Domus provided legal consultation on this refinancing.

PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 39 years. PATRIZIA manages around EUR 58 billion in assets and employs nearly 1,000 professionals at 28 locations worldwide. PATRIZIA is making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has helped around 280,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 24 years.

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