MADRID, 21 FEBRUARY 2022 - Hines, the global real estate firm, on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension group under public law, has signed a €50 million green loan with CaixaBank, Spain’s leading financial group, as part of a new financing package for its flasgship Preciados 13 project in Madrid.
In 2017, the mixed-use building was acquired by Hines on behalf of BVK Highstreet Retail Preciados S.L.U. The recently renovated complex is located at calle Preciados 13, Madrid’s main pedestrian street, recognised as one of the main shopping destinations in Europe, and lies on the corner of calle Maestro de Victoria. €12 million has been invested in refurbishing the building, which boasts retail space spanning 2,700 square metres, leased to the international fashion brand Bershka, part of the Inditex Group and one of the largest fashion retailers in the world, and 2,000 square metres for a boutique Chic & Basic hotel which opened in the autumn of 2021, comprising 51 rooms and an adjoining gastronomic offer on the first floor by the Naked & Sated health food restaurant.
Under this agreement, Hines has taken another step forward in its ESG strategy by arranging a €50 million, 6-year green loan with CaixaBank for Preciados 13 to continue to promote energy efficiency and drive down carbon emissions according to the Green Loan Principles issued by the Loan Market Association. Preciados 13 has recently obtained its BREEAM certificate in recognition of its commitment to sustainability, while the retail and hotel space have achieved the highest Class A certification for energy consumption.
Vanessa Gelado, senior managing director and country head of Hines in Spain, said: “We’re very pleased with the refinancing of this historic property in Madrid, in which we have invested all our efforts to create a unique space that will enable us to have a benchmark asset in one of the capital’s prime areas, which has undergone a very significant transformation in recent years. Thanks to the quality of the refurbishment we’ve managed to agree a green deal with CaixaBank in line with our ongoing ESG strategy.”
Marketing Communication
About Hines:
Hines is a privately held global real estate investment firm founded in 1957, with a presence in 255 cities in 27 countries. Hines has approximately USD 83.6 billion[1] in assets under management. In addition, Hines provides investment management services to more than 367 properties covering 12.84 million sqm. Historically, Hines has built, renovated or acquired 1,486 properties, totalling more than 45 million sqm. The company has more than 171 ongoing developments worldwide. With extensive investment experience across the risk spectrum and all property types, as well as a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate companies in the world.
Since entering Europe in 1991, Hines has expanded its European platform to include offices in 16 cities, as well as a presence in 62 cities in 13 countries. Hines oversees a portfolio of AUM valued at approximately EUR 21.7 billion of assets under management in Europe, representing over 3.8 million sqm of assets for which Hines provides services at third-party property level, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for further information.
[1] It includes both Hines’ global organisation and RIA AUM as of 30 June 2021.
About Bayerische Versorgungskammer (BVK)
Bayerische Versorgungskammer is the competence and service centre for occupational and communal pension schemes and the largest public-law pension scheme group in Germany. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions and communal pension schemes. Bayerische Versorgungskammer covers some 2.4 million insured persons in total, with contributions of EUR 5.2 billion and some EUR 3.8 billion in annual pensions. It currently has EUR 97.2 billion of assets under management (market value) and more than 1,420 employees.
Visit www.versorgungskammer.de for further information.
CaixaBank, committed to sustainable financing
CaixaBank, Spain’s leading financial group, is one of the financial institutions most committed to sustainability, given that its Socially Responsible Banking Plan includes five key principles of action that make a direct contribution to the United Nations Sustainable Development Goals. Through its activities, the bank supports environmentally friendly initiatives and projects that help prevent and mitigate climate change, promoting the transition to a low-carbon economy and social development
CaixaBank mobilised EUR 31.375 billion in sustainable financing in 2021, 150% up on the previous year, and closed the year in sixth position in Refinitiv’s ranking of sustainable financing in Europe, making it the best positioned Spanish bank in this ranking.
