Ashurst advises Samsung on significant refinancing of Commerzbank Tower in Frankfurt

Ashurst advised Samsung SRA Asset Management on the significant refinancing of Commerzbank Tower in the heart of Frankfurt’s banking district. PATRIZIA, a leading partner for global real assets, has secured refinancing of 55% LTV on the iconic Commerzbank Tower on behalf of its client Samsung SRA Asset Management. The club deal saw Bayerische Landesbank (BayernLB) act as Facility and Security Agent, working together with Deutsche Pfandbriefbank (pbb), Landesbank Baden-Württemberg (LBBW) and UniCredit. The significant refinancing ensures a basis for further ESG related investments into the building.

As the global HQ of Commerzbank, Germany’s fourth largest bank by assets, Commerzbank Tower benefits from a long lease with an exceptionally strong anchor tenant. Commerzbank leases 100% of available office space within the landmark 259-metre tower, with the ground floor featuring a public galleria with mixed retail and hospitality tenants. With a net zero target by 2040, Commerzbank has a clear sustainability strategy that creates strong alignment of interests with the decarbonisation pathway for the building.

Designed by acclaimed architect, Foster + Partners, Commerzbank Tower was awarded the Green Building Frankfurt Award in 2009. It has used 100% renewable energy since 2008 and is LEED Gold certified, while the building actively promotes biodiversity with nine internal sky gardens, recycles rainwater for its sanitary facilities and is cleaned exclusively with biodegradable materials. It is also equipped with smart building technology that optimises heating, ventilation and air conditioning (HVAC), as well as lighting usage.

The Ashurst team was led by counselDr Alexander Vorndran(Real Estate Finance) and partnerNicolas Deuerling(Real Estate, both Frankfurt). They were assisted by partnerDerk Opitz, associateTobias Bürkand senior transaction lawyer Ardalan Zargari (all Real Estate Finance,Frankfurt), partnerFabien Debroiseand associateAnna Kozakiewicz(bothFinance,Luxembourg), partnerDr Anders Kraft(Tax, Frankfurt), counselMatthias Fischer, senior associateDr Simon Groneberg, associatesKai-Steffen Knapp,Susanne Schaad,Achim WeimerandConstanze Götz(all Real Estate, Frankfurt), partnerJan Krekeler, associateSara Kreinerand transaction counsel Sandra Schmidt (allCorporate, Frankfurt) as well as counselPaul Witteand associatePierre Joubert(both Corporate, Luxembourg).