ING Czech Republic has agreed a green real estate finance loan with Hines, the global real estate investment, development and property manager, on behalf of its Hines European Core Fund (HECF). This kind of green financing is ING’s first for Hines in the Czech Republic reaching EUR 33.5 million. The financed portfolio reached sustainability certificate BREEAM Very Good1.
Financing was provided to HECF following its recent acquisition of a portfolio of four logistics assets, spanning a total of 65, 960 square metres in Prague, Czech Republic. The fully-let assets are located in Brandýs nad Labem, Vestec and Jažlovice, all of which are highly desirable, well connected and established last-mile logistics locations in the Czech capital, with direct highway access providing a gateway to the majority of the Prague market within 30 to 40 minutes’ drive time.
Ondřej Kadlc, Manager Real Estate Finace of ING Czech Republic said: "ING is a leading global financier of commercial real estate. Climate change is one of the biggest challenges of our time. As a financial institution, we believe that one way to contribute is to incentivise green buildings. This transaction for HECF was the perfect opportunity to appreciate and validate the long-term strategic partnership we have with Hines and support our global sustainability strategy. As Hines’ global footprint perfectly matches ING’s international presence, supporting Hines´ expansion across different jurisdictions is natural for us. We are looking forward to do more sustainable financings together.”
Simone Pozzato, Fund Manager, Hines European Core Fund (HECF) at Hines, said: “Our investment strategy has always been laser focused on making responsible and sustainable real estate investments. Green financing allows us to deliver twofold, for our investors to grow our portfolio of future-proofed assets where value and returns are aligned with environmental performance, and to align us and our stakeholders with our own path to carbon neutrality by 2040. Our partnership with ING ensures we can continue to deliver financial performance for our investors, and a positive impact on communities in which we invest and operate.“
1 BREEAM certificate issued 19th December 2022