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 that 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.
| Breakdown by usage type | Breakdown by market value | |
|---|---|---|
| Logistics | 5 | 27.6 % |
| Office space | 4 | 15.1 % |
| Residential | 3,043 | 52.5 % |
| Industry | 7 | 4.8 % |
| Total | 3,059 | 100 % |
| Breakdown by building standard | Breakdown by market value | ||
|---|---|---|---|
| Commercial | Residential | ||
| Refurbished portfolio | 0 | 2,461 | 29.5 % |
| EnEV 2009 | 12 | 94 | 26.4 % |
| EnEV 2014 | 4 | 130 | 28.9 % |
| EnEV 2016 | 0 | 358 | 15.2 % |
| Total | 16 | 3,043 | 100 % |
Allocation Report Portfolio Allocation
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 €413.0 million.
| Allocation as of Dec. 31, 2022
|
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| Assets | Liabilities | ||
|---|---|---|---|
| Green Assets (fair value) |
€639,532,000.0 | Allocated to mortgage loans |
€37,688,294.3 |
| Allocated to KfW loans | €22,168,006.3 | ||
| Allocated to green BNL/RB* |
€167,000,000.0 | ||
| Unallocated amount of green assets |
€412,675,699.4 | ||
| Total green assets |
€639,532,000.0 | Total max. green funding |
€639,532,000.0 |
|
*Borrower’s note loans/registered bonds |
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Impact Report Reduction in CO2 Emissions
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 HVAC¹” results in savings of 32.8 million kWh.
On the basis of the selected emission factors, our properties cause CO2 emissions of 8,063 metric tons. The underlying reference figures assume CO2 emissions of 19,606 metric tons. This results in savings of 12,099 metric tons of CO2 for 2022. Broken down by usage type, this equates to 9,105 metric tons for residential space, 820 metric tons for office space, 1,735 metric tons for logistics and 55 metric tons for industrial properties.
| Average weighted energy performance figure in kWh/m²a |
|||
| Logistics | Office space | Residential | Industry |
|---|---|---|---|
| 80.1 | 120.4 | 58.6 | 194.8 |
Energy savings |
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| Final energy consumption of the portfolio (kWh) | Final energy consumption by reference figure (kWh) | Final energy savings (kWh) | Final energy savings (%) | |
| Logistics | 13,974,390 | 19,186,860 | 5,212,470 | 27.2 % |
| Office space | 3,732,750 | 5,277,732 | 1,544,982 | 29.3 % |
| Residential | 13,825,802 | 39,552,041 | 25,726,239 | 65.0 % |
| Industry | 1,293,895 | 1,484,610 | 190,715 | 12.8 % |
| Total | 32,826,836 | 65,501,243 | 32,674,407 | 49.9 % |
Savings in t CO2 |
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| CO2 emissions by our portfolio | CO2 emissions by reference figure | CO2 emission savings | CO2 emission savings (%) | |
| Logistics | 3,433 | 5,167 | 1,735 | 33.6% |
| Office space | 602 | 1,421 | 820 | 57.7 % |
| Residential | 3,512 | 12,617 | 9,105 | 72.2 % |
| Industry | 345 | 400 | 55 | 13.7 % |
| Total | 8,063 | 20,162 | 12,099 | 59.8 % |
“Greenness” of the Portfolio
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 metric tons compared to our framework.
¹ HVAC = Heating, Ventilation and Air Conditioning