The Landesbank Baden-Württemberg (LBBW) is refinancing a 330,000 m2 real estate portfolio owned by Patrizia's Res Publica Hessen I fund.
The €357 mln package covers 22 fully occupied buildings – mostly offices and government buildings leased by the state of Hesse – including the 45,000 m2 Wiesbaden police school, the crown jewel of the portfolio.
While boasting robust quality, these post-1985 properties have energy-saving potential, which the new financing aims to unlock.
In 2013/14, Patrizia Res Publica Hessen I & II acquired the Leo 1 & 2 portfolios, adding 56 buildings (€1.8 bn) to their holdings. LBBW secured the deal with a €1 bn financing package.
Heiko Maaß, head of the real estate customers, domestic commercial investments department at LBBW, said: ‘The energetic transformation of existing buildings is one of the most important tasks that the real estate industry has to cope with. This is a long-term project that can only succeed together. We are therefore very pleased to be able to accompany and support our customers on this journey.’
Nico Pollex, director of fund management at Patrizia, added: ‘We are pleased to be continuing our long-standing partnership with LBBW. The portfolio with its long-term leased properties to the state of Hesse offers a high level of stability and future prospects for our investors. Our goal is also to modernize the portfolio across the board in terms of energy efficiency in the future in order to sustainably optimize the building stock.’
Law firm Bryan Cave Leighton Paisner (BCLP) advised LBBW.
