A residential tower under construction in Berlin
Germany’s state-owned housebuilder Gewobag has been granted a €240 million loan by the European Investment Bank (EIB) for the construction of 2,000 residential units in Berlin.
Prerequisites of the loan include the timescale – the units must be completed by 2023; and sustainability – the new buildings must meet ‘energy-efficient house’ standards.
“The low-interest loan from the EIB enables us to make further investments in Berlin’s housing construction in order to increase the state’s own residential portfolio. This also means that our tenants’ rental burdens are kept as low as possible. We are pleased to have a strong partner on our side with the EIB”, says Markus Terboven, member of the board of Gewobag.
“The lack of quality, affordable housing is a pressing issue in many European cities,” said Ambroise Fayolle, EIB Vice-President responsible for operations in Germany. “I am proud that the EIB has a long tradition in financing sustainable urban housing. Our loan to Gewobag brings more financially accessible and greener homes to many people in Berlin and when we talk about the added value that a public bank like the EIB needs to deliver, this is a prime example.”