Global investment, development and property management firm Hines has closed two green financing deals worth a combined €96 million through its Hines European Property Partners (HEPP) fund. The transactions relate to the refinancing of two assets in Madrid: the Stay Cuatro Vientos residential complex, with 531 apartments for rent, and the newly built Nexus San Fernando logistics warehouse, with a gross leasable area of 27,000 sqm.
The first financing, relating to the Stay Cuatro Vientos complex, was formalised with ING for €78 million. In this transaction, Hines was advised by Hogan Lovells, while ING was advised by DLA Piper.
The second, relating to the Nexus San Fernando asset, was closed with the German bank Deutsche Hypo – NORD/LB Real Estate Finance for €18 million. In this case, Hines was advised by Garrigues, and the financial institution by sdh rechtsanwälte.
Both mortgage loans, with a maturity of five years, were used to refinance the capital contribution made by HEPP at the time of the acquisition of the assets. The transactions have been classified as Green Loans, as they meet the sustainability standards and ESG criteria required by financial institutions. The properties have low energy consumption certifications and environmental accreditations in line with European sustainability standards.
According to Vanessa Gelado, Senior Managing Director and Head of Spain and Portugal at Hines, "this financing reflects how we are integrating sustainability criteria into all our investment and financing decisions. Our goal is for every Hines asset to contribute to generating real long-term value for investors, tenants and the cities where we operate."
