Hines has secured with ING in Germany the first green loan facility for the Hines Pan-European Core Fund (HECF).
”In addition to the €40 million finance for Werfthaus, a prime office building located in Frankfurt, the loan will provide a further £32 million finance for an urban logistics park let to international handling company Dnata, located near the cargo area at Heathrow airport, London,” said Hines in a statement.
“The Fund’s investment strategy has always been clearly focused on making responsible and sustainable investments. However, this green loan facility gives us the capacity to deliver our investors’ ambitions of growing our portfolio of future-proofed assets where value and returns are aligned with environmental performance,” said Simone Pozzato, Deputy Fund Manager for HECF at Hines.
“Our partnership with ING and this loan commitment ensures not only great financial performance for our investors, but also a positive impact on communities where we invest, achieving the highest levels of sustainability across a wide range of areas, including energy performance, stakeholder engagement, building certificates, resilience and utilities management.”
Simone Schmidt, Managing Director of Real Estate Finance of ING Germany, said: “We are very proud to have issued ING Germany’s first green real estate loan to Hines, one of our top European clients. We are looking forward to more sustainable financing and further pan-european financing projects together.”
Sharif Nahas, Director of Financial Markets Sales in Germany & Austria at ING, said: “Interestingly for the GBP loan Hines has chosen SONIA (Sterling Overnight Index Average) compounded-in arrears as the interest reference rate, the first for ING Germany and ING Group globally on this new benchmark. We are excited to have concluded this bilateral loan over SONIA, also in light of the partial cash-flow hedge now being priced over SONIA as the market standard.”