Overview

Our green bond portfolio is worth approximately €640 million – based on internal and external market value reports – and comprises 16 commercial properties (5 logistics properties, 4 office properties, 7 industrial properties) and 3,043 residential units. Of the 3,043 residential units, 582 are newbuilds and 2,461 are refurbished dwellings. As per the selection criteria for our green bond framework, 70.5% conform to the German Energy Saving Ordinance (EnEV) and the refurbished properties (29.5%) comply with energy efficiency classes A+, A or B.

The BLUE BUILDING standard is met by 582 of our units which are used for residential purposes. Apart from a logistics center in Slovakia, our properties are in Germany. All of our green commercial properties in Germany are in Lower Saxony, while the green residential portfolio is located in Wolfsburg for historical reasons.

Based on internal and external market values, the value of our green properties stands at €639.5 million. This is offset by allocated finance totaling €226.9 million, with our green bonds making up €167.0 million of this. The green assets are offset by unallocated liabilities of €423.0 million.

Calculating the difference between the final energy performance figures for our portfolio based on their energy certificates (housing: energy used; commercial properties: energy needed) and the ENTRANZE study and “Average EU building heat load for HVAC” results in savings of 32.8 million kWh.

On the basis of the selected emission factors, our properties cause CO2 emissions of 8,063 tons. The underlying reference figures assume CO2 emissions of 19.606 tons. This results in savings of 12,099 tons of CO2 for 2022. Broken down by usage type, this equates to 9,105 tons, 820 tons for office space, 1,735 tons for logistics and 55 tons for industrial properties.

To self-assess our portfolio, we calculated the average weighted final energy performance figure in kWh/m²a. The result for the residential division was a figure of 58,6 kWh/m²a, while the logistics and office space sectors stood at 80,1 kWh/m²a and 120.4 kWh/m²a, respectively.

A comparison with our framework criteria shows that each figure is well below our selection criteria. This means that our portfolio is very green and also ensures that our properties will be among the most energy-efficient in Germany’s building stock throughout the long term of our bonds.

Based on our actual CO2 emissions, the savings total around 4,272 tons compared to our framework.