Gewobag receives a €240 million from the European Investment Bank
The European Investment Bank (EIB) has granted the state-owned property company Gewobag a loan of €240 million to build 2,000 new residential units by 2023. The planned newbuilds will primarily comply with the efficient housing standard, and so exceed the current EnEV German energy saving ordinance specifications.
The project financing contract between the European Investment Bank and Gewobag has already been signed. This collaboration will secure further affordable housing for Berlin.
“The low-interest EIB loan will enable us to make further investment in housing construction in Berlin, and so increase the state-owned property portfolio. This also goes hand in hand with keeping rents as low as possible for our tenants. We are delighted to have a strong partner on board in the EIB,” says Markus Terboven, Gewobag Board Member.
“The lack of high-quality, affordable housing is a problem in many European cities,” said EIB Vice-President Ambroise Fayolle who is responsible for Germany. “I am proud of the EIB’s long tradition in financing sustainable urban housing development. Our loan to Gewobag will herald a financial and ecological improvement in living conditions for many people in Berlin. If we think about the added value that a public bank like the EIB has to deliver, this is a prime example.”
The loan is the second financing project that Gewobag has collaborated on with the EIB. Not only is the project in line with the EU Urban Agenda for Liveable and Innovative Cities, it also makes an important contribution to the climate protection goals of Gewobag and the EIB due to the high energy efficiency standards. With some 70,000 properties and over 120,000 tenants, Gewobag is one of the largest property companies in the capital and nationally. In the medium-term, the state-owned company will expand its portfolio by some 15,000 properties.
