Berlin Hyp is making follow-up financing available to GSG Berlin for its characteristic red brick commercial portfolio, dubbed Ganz Schön Gut (GSG), located in the German capital.
The financing package worth around €404 mln is being provided in the form of a club deal. A total of €258 mln of this amount will remain on the books at Berlin Hyp; €146 mln has already been placed with various savings banks.
Most of the GSG buildings are to be found in the Kreuzberg sub-district of Berlin, with other properties located in the western part of the German capital, and in its eastern districts as well.
The portfolio consists of 27 commercial courtyard complexes with a total rental area of roughly 590,000 m2. These are multifunctional spaces that can be used as offices, production facilities or warehouses.
They are currently let mainly to small and medium-sized skilled trades firms, workshops and commercial enterprises, as well as start-ups. The biggest tenants include Technische Universität Berlin, the Deutsche Welle radio broadcasting company and Fraunhofer Gesellschaft.
GSG's sustainability focus includes efficiency improvements in building operations and the modernisation of building systems through the use of renewable and sustainable energy sources.
'Through its continuous investment in its stock of existing buildings, GSG Berlin is impressively demonstrating how even older buildings can be used and managed in a sustainable and cost-effective manner,' said Teresa Dreo-Tempsch, member of the board of management of Berlin Hyp.
'That’s why we’re proud to be continuing our long-standing and successful partnership with GSG Berlin, a partnership that is also supported by our S-Group partners.'
'Berlin Hyp is our long-standing and reliable partner – we work together to support small and medium-sized businesses in the German capital,' said Oliver Schlink, commercial director of GSG Berlin.
'We’re pleased that this high-volume refinancing package will allow us to further strengthen our relationship with Berlin Hyp in these challenging times.'
