Vonovia SE: Investment Plan for Europe - Vonovia and EIB sign credit line for financing energy-efficient upgrading of housing stock (news with additional features)
DGAP-News: Vonovia SE / Key word(s): Financing
Bochum, 14 July 2017
Investment Plan for Europe - Vonovia and EIB sign credit line for financing energy-efficient upgrading of housing stock.
Vonovia SE and the European Investment Bank (EIB) have concluded a loan contract for EUR 300m. The EU bank's loan, which is backed by a guarantee from the European Fund for Strategic Investments (EFSI), is intended to part-finance energy-efficiency modernisation measures for the existing housing stock of the real estate management company. The EFSI guarantee facility is an essential pillar of the Investment Plan for Europe (IPE), under which the EIB and the European Commission are working together as strategic partners and the EU bank's financing operations will boost the competitiveness of the European economy.
The structure of the unsecured funding provides Vonovia with a high degree of flexibility on very favourable conditions. The eight-year loan from the EIB forms part of Vonovia's comprehensive modernisation and expansion programme.
Vonovia's CFO Stefan Kirsten said: "We are investing in the future of our housing stock. Climate action and the demographic shift are developments, for which we as a housing management company can contribute significantly to solutions. We are pleased to be able deliver on our energy-efficiency upgrading objectives with the help of the EIB funds, and thus further our sustainable investment strategy. This is not only beneficial for our customers but for the whole of society."
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, added: "Upgrading housing units to ensure that they meet the latest energy-efficiency standards is a process that demands investment. That is where the European Fund for Strategic Investments can play an important role. Today's agreement is another demonstration of the important role EU support playa in enabling investments that can help deliver on our broader objective of maximising energy efficiencies and, at the same time, improve the daily lives of thousands of families."
Note to the editor:
Vonovia SE is Germany's leading real estate management company, operating throughout the country. It currently owns around 355 000 apartments in attractive cities and regions throughout Germany, with a portfolio value of around EUR 29.6 billion. As a modern service company, Vonovia places particular emphasis on a customer-oriented approach and the satisfaction of its tenants. Providing them with an affordable, attractive and decent home forms the basis for successful business development. Vonovia therefore invests continuously in the maintenance and modernisation of buildings and their adaptation to the needs of the elderly. In addition, the company will build new apartments through the addition of further storeys.
Registered: Prime Standard (Regulated Market), Frankfurt Stock Exchange
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It makes long-term finance available for viable projects in order to further the objectives of the European Union.
The Investment Plan for Europe
Document title: Investment Plan for Europe_PM
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