Financing Commercial Real Estate Investments in Germany

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1 Financing Commercial Real Estate Investments in Germany Steffen Guenther June 2015 Head of Commercial Real Estate Finance International & Institutional Clients / Syndication

2 Overview of the German Banking System Private Banks Cooperative Banks (member/client owned) Savings Banks (mostly owned by muncipalities) about 400 banks: - listed - privately owned - subsidiaries of foreign banks balance sheet in EUR bn: Deutsche Bank 1,611 Commerzbank 550 HypoVereinsbank 290 Postbank 162 about 1,080 Volksbanken or Raiffeisenbanken 2 central banks: DZ BANK and WGZ BANK balance sheet in EUR bn: all VR banks 763 DZ BANK 387 WGZ BANK 91 DG HYP 50 about 420 Sparkassen 7 regional Landesbanken 1 central bank: DekaBank balance sheet in EUR bn: all savings banks 1,112 LBBW 274 BayernLB 256 NordLB 201 DG HYP - Professional partner for commercial real estate finance 2

3 Commercial Real Estate is (still) predominantly financed by specialised Financial Institutions Highly liquid debt market: Banks, Insurance Companies, Debt Funds Why traditional bank finance of Commercial Real Estate? Stability, long-tem commitment as balance sheet lender, relationship banking Focus solely on Commercial Real Estate Finance high degree of market and asset class expertise Emphasis on the property and its economics In a normal interest rate environment: very competitive refinancing platform through covered bonds ( Pfandbrief ) Pfandbrief regulated by German Pfandbrief Act strict rules and quality requirements apply to Pfandbrief eligibility 3

4 Part of one of Germany s largest one-stop financial service provider: The Cooperative Financial Network ca. 1,080 Private Banking Payment Systems Consumer Finance Commercial Real Estate Finance Asset Management Securities Settlement Bureau de Change Commercial Transportation Finance Certificates Insurances Investment Banking Payment Systems Building Association Mergers & Acquisitions iti Equity & Mezzanine Financing DG HYP - Professional partner for commercial real estate finance 4

5 DG HYP s ownership structure About 1,080 credit unions with 17 million members, 30 million customers and 13,200 local branches 89 % 4 th largest bank in Germany according to balance sheet % 22 nd largest bank in Germany according to balance sheet 2013 DG HYP - Professional partner for commercial real estate finance 5

6 DG HYP`s History Creation of DG HYP May 11, 1921 in Berlin as a real estate bank by the Preussische Zentralgenossenschaftskasse, core business: private mortgages Expansion of real estate activities to the new Federal States DZ BANK s Commercial Real Estate Finance activities transferred to DG HYP DG HYP most active CRE lender in Germany in terms of new business volume Headquarter moved to Hamburg 75 years DG HYP largest real estate bank within the cooperative banking sector private mortgages discontinued, focus on Commercial Real Estate Finance DG HYP - Professional partner for commercial real estate finance 6

7 Figures and facts DG HYP s business mn euros Originated new business Commercial Real Estate Finance 4,941 5,378 5,256 Germany* 4,709 5,328 5,060 International* Balance Sheet Total assets 42,912 49,716 54,368 Loans secured by property mortgages 18,460 19,576 20,340 Public-sector and local authority loans 16,658 19,902 23,737 Pfandbriefe and other debt securities 25,518 29,332 34,084 core capital quota in % *Location of property DG HYP - Professional partner for commercial real estate finance 7

8 Core areas of expertise at a glance 1 Markets Providing debt solutions for: - International and German clients in Germany - German institutional clients in Germany, France, UK and the Netherlands 2 Types of property Clear focus on commercial real estate suitable for third-party usage 3 Financing and product principles Individual customised range of products and services 4 Funding Strong funding base through covered bonds and membership in the German Cooperative Financial Services Network DG HYP - Professional partner for commercial real estate finance 8

9 Individual customised range of products and services Financing principles Range of products and services Individual transactions ranging from EUR 10 m to EUR 100 m per object Core business in mid-volume segments Senior loans with collateralisation by way of real property lien LTV: up to 75%, depending on the investment Properties suitable for use by third parties Mid- to long-term financings of existing properties p Development financing of pre-let properties Assuming the role of arranger, underwriter and co-underwriter Interest rate hedges using derivatives (in cooperation with DZ BANK) Valuation by VR WERT DG HYP - Professional partner for commercial real estate finance 9

10 DG HYP s current financing examples Meliá Hotel Berlin GSG Portfolio Berlin Arvato Hanover 4 star superior hotel at Friedrichstrasse Telekom Center Munich 39 objects, 1,900 tenants Club Deal (5 banks) with DG HYP as Lead Arranger Kö-Bogen Dusseldorf 60,000 m² logistic building construction loan and subsequent senior loan Holsten-Galerie Neumunster 70,000 m² office space Deutsche Telekom s regional HQ 2 office and retail objects 41,000 m² lettable area Architect: t Daniel Libeskind 90 shops on 22,800 m² construction loan and subsequent senior loan DG HYP - Professional partner for commercial real estate finance 10

11 Credit Process (for single assets and small portfolios) Pre-Clearance Term Sheet 1-2 weeks Valuation & Credit Application 3-4 weeks Credit Approval Documentation 3-4 weeks Loan Agreement 2-2½ months (period may vary depending on complexitiy/number of assets) DG HYP - Professional partner for commercial real estate finance 11

12 Security package common market practice and standard Land charge (first ranking mortgage) Rent assignments Insurance assignment Account pledge (Share pledge) Assignment / pledge of hedge Subordination Agreement For developments: Cost overrun guarantee Interest shortfall guarantee Step in rights (general contractor) Assignment of warranties/guarantees (construction) 12

13 The Pfandbrief The Pfandbrief The Mortgage Lending Value (MLV) Mortgage covered bond regulated by Law Bank remains liable for repayment Secured by mortgages which are kept separate from the bank s assets and ensure the repayment in case of the bank s insolvency Only 60 % of a property s Mortgage Lending Value eligible for Pfandbrief Established 1769 by King Frederick II of Prussia, not a single Pfandbrief default since Market Value Mortgage Lending Value Defined by Ordinance (BelWertV) in connection with Federal Law (PfandBG) Whereas the Market Value reflects the current value of a property at a given time, the Mortgage Lending Value reflects the minimum value of a property at any time DG HYP - Professional partner for commercial real estate finance 13

14 Funding Buyers: Banks Central Banks Insurances Pension Funds 60 % of MLV (secured amount) > 60 % of MLV (unsecured amount) Loans against Mortgages DG HYP - Professional partner for commercial real estate finance 14

15 Contacts

16 Contacts The International & Institutional Investors Team Head of CRE Finance International & Institutional Investors / Syndication Steffen Günther CRE Finance Head of International & Institutional Investors I Thomas Neumann-Vieweg CRE Finance Head of International & Institutional Investors II Verena Quast DG HYP - Professional partner for commercial real estate finance 16

17 Contacts The International & Institutional Investors I Team Thomas Neumann-Vieweg Head of International & Institutional tional Investors I Mike van Wanrooy Senior Manager d Christian Voss Senior Manager hi h d Gerd Halama Senior Manager Fabian Krüger Manager DG HYP - Professional partner for commercial real estate finance 17

18 Contacts The International & Institutional Investors II Team Verena Quast Head of International & Institutional tional Investors II Norbert Wiesner Senior Manager d Henning Weißer Senior Manager i h d Jeffrey Morrison Manager Moafak Kata Manager DG HYP - Professional partner for commercial real estate finance 18

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