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Press Releases

Berlin Hyp and MünchenerHyp Pilots at EEMI

14.06.2018 - The pilot scheme of the Energy Efficient Mortgages Initiative (EEMI) is being launched with over 35 European banks.

Amongst the banks participating from Germany, Berlin Hyp and Münchener Hypothekenbank eG (MünchenerHyp) are founding members of the initiative.

The EEM Initiative is coordinated by the European Mortgage Federation (EMF) and the European Covered Bond Council (ECBC) and funded by the EU under the Horizon 2020 programme. The initiative, launched in September 2016, aims to define what an "Energy Efficient Mortgage" (EEM) is at European level and how to provide such loans by the participating banks.

A number of vital cornerstones have already been defined: the loans may be used for the purchase and development of energy-efficient buildings as well as for renovation activities aimed at improving a building's energy efficiency. This relates to both residential as well as commercial properties.

“We are delighted to be involved in this major European project right from the start,” according to Gero Bergmann, Member of the Berlin Hyp Board of Management. “In recent years, Berlin Hyp has earnt itself a reputation as one of the leading Green Finance banks and Green Bond issuers. In the wake of EEMI, we can share our expertise with others and contribute to further enhancing the importance of sustainability in banks' core business. At the same time, with the EEM Initiative, banks can make a significant contribution to achieving the EU's climate targets”.

“It is very important for us to contribute our expertise in sustainability issues at European level,” says Bernhard Heinlein, Member of the MünchenerHyp Board of Management. To enshrine sustainability even more in MünchenerHyp's core business, we developed a Green Mortgage Loan for private residential property financing in November 2015. Moreover, oekom research has certified the Green Loan as sustainable."

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MünchenerHyp finances for Deutsche Investment the acquisition of a € 136 million residential portfolio in Hamburg

16.05.2018 - Münchener Hypothekenbank eG (MünchenerHyp) is providing acquisition finance to “Deutsche Investment - Wohnen IV”, an open-ended real estate special fund managed by Deutsche Investment Kapitalverwaltungsgesellschaft, for the acquisition of 13 residential and commercial properties in Hamburg.

The portfolio comprises 325 apartments with a floor area of some 20,700 m2, 51 commercial units with a usable area of some 7,500 m2 and over 200 underground and outdoor parking spaces. The properties are centrally located in Hamburg and are close to fully let. The total capital investment is around € 136 million. MünchenerHyp has provided loans of € 76.5 million for the 13 properties and two further properties acquired by the fund last year. The Danish seller, Aalborg-based De Københavnske Ejendomsselskaber, appointed JLL as exclusive agent with a view to selling the “Downtown Living Portfolio” by way of an asset deal.

Dr Jan Peter Annecke, Head of Commercial Real Estate Finance at MünchenerHyp comments: “This loan is very much in line with MünchenerHyp’s strategic aim of offering large-scale loans for portfolios more intensively than in the past. The bank is focusing in this regard on Germany and western Europe, including the UK. In certain cases, we also offer lending for multinational portfolios.”

Florian Mundt, Managing Shareholder of Deutsche Investment, notes that, “Opportunities to acquire such a large and centrally located portfolio in Hamburg are currently very rare. We began intensive due diligence on this transaction at an early stage and identified a substantial potential with the properties for infill. Working together with MünchenerHyp was extremely satisfactory. The Bank also gave us active support with numerous other aspects of the purchase. For us, this large-scale loan is a sign of recognition for our business model.”

“We are pleased to be able to support the purchase of this high-quality portfolio. It underlines how competitive we are in our core product of portfolio lending,” adds Jan Polland, Head of Direct Customers at MünchenerHyp.

The “Deutsche Investment – Wohnen IV” fund has a target volume of €250 million. The current volume is approximately €160 million. Two previous purchases totalling around €20 million were made last year. The fund invests primarily in well-located residential properties in the cities of Hamburg and Berlin. “The capital for further acquisitions is € 50 million. Smaller volumes in the lower eight-digit range may complete this amount,” says Mundt.

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MünchenerHyp’s new property financing business exceeds € 5 billion for the first time

16.04.2018 - Münchener Hypothekenbank eG set a new record for property financing in its 2017 business year.

The Bank’s new mortgage finance business exceeded the € 5 billion euro mark for the first time and totalled € 5.1 billion. “Our new business results again benefited from the unbroken favourable situation in the property markets. This allowed us to further strengthen our market position as planned,” said Dr. Louis Hagen, Chairman of the Münchener Hypothekenbank’s Board of Management. 

Earnings power rises further

The favourable development of the Bank’s new business results also lifted MünchenerHyp’s earnings as net interest income rose by about 10 percent to € 256.6 million. Commission expenses were at the previous year’s level and contributed to a 14 percent increase in the net interest income and net commission income figure, which climbed to € 182.1 million. Provisions for lending risks were again at a low level reflecting the Bank’s continued risk-aware approach to new business. Results from ordinary business activities rose by 26 percent to € 85.1 million. After allocation of € 5.0 million to the Fund for General Banking Risks, and a tax expense of € 33.8 million, annual net income surged by 45 percent to € 46.3 million.

New business results continue to develop favourably

MünchenerHyp’s good new business results are mainly due to the consistently high level of brokered loans for private residential property since 2014. In this area of business the Bank made € 3.2 billion in new loan commitments in 2017 following € 3.3 billion recorded in the previous year. The figure for loans brokered by banks within the Cooperative Financial Network amounted to € 2.4 billion and was very close to the previous year’s level. The Bank’s business with independent providers of financial services expanded by 8 percent to € 419 million. In contrast, the volume of loans brokered by Swiss PostFinance declined by about € 50 million to € 373 million due to tougher price competition.

The Bank’s new commercial property finance business rose by 13 percent to € 1.9 billion with gains recorded in Germany and other European markets. In addition, the Bank re-entered the US-American market and began to conduct new business there. The Bank also expanded its syndication activities including strengthening efforts to increase the participation of institutions within the Cooperative Financial Network.

The risk situation in the credit business remained stable allowing provisions for risk to remain moderate as in previous years.

Heavy demand for Pfandbrief issues

Investor demand for MünchenerHyp’s Pfandbriefe was also very high last year. Two Benchmark Mortgage Pfandbrief issues the Bank placed in 2017 stand out in particular. The first was a € 500 million Mortgage Pfandbrief with a term of ten years, which was tapped a few months later by an additional € 250 million. The second benchmark issue had a term of nine years and two months, and was greeted by such high demand that MünchenerHyp quickly decided to increase its volume to € 750 million.

Among MünchenerHyp foreign-currency denominated issues a benchmark Mortgage Pfandbrief with a volume of CHF 100 million and a term of 15 years caused a commotion in the markets. The issue’s interest rate discount was 8 basis points below the domestic Swiss franc mid-swap rate making it the highest discount ever achieved by a foreign issuer of covered bonds in the Swiss capital market.

Portfolios expand further – paid-up capital rises to over 1 billion euros

Total assets rose € 0.4 billion to € 38.9 billion on 31 December 2017. The Bank’s portfolio of mortgage loans increased by € 1.4 billion to 29.2 billion. Private residential property financing was the strongest growing segment of our business as it increased by € 1 billion. In accordance with the business and risk strategy of MünchenerHyp, the portfolio of loans and securities related to the business with the public-sector and banks declined further from to € 5.7 billion (previous year € 6.8 billion).

MünchenerHyp’s solid foundation of equity capital improved further in the 2017 business year. For the first time in the history of MünchenerHyp, its members’ paid-up capital rose to over € 1 billion. “This is a great demonstration of the trust our members have in MünchenerHyp’s business policy,” noted Dr. Louis Hagen. Paid-up capital represents a significant portion of the Bank’s Common Equity Tier 1 capital. MünchenerHyp’s Common Equity Tier 1 capital ratio increased by 0.9 percentage points in 2017 to 23.8 percent as of 31 December 2017. The Tier 1 capital ratio was also 23.8 percent on the same date (previous year 22.9 percent) while the total capital ratio was 25.2 percent (previous year 24.5 percent). The leverage ratio was 3.4 percent on 31 December 2017.

Outlook: Continuation on course of growth

MünchenerHyp expects that the good demand seen for property and property financing will continue in the current business year as interest rates will remain attractive. In view of this background the Bank also anticipates that competition in the property finance business will intensify even further, especially in the area of lending conditions. “The overall conditions are becoming more demanding. However, we anticipate that even in this environment we will be able to continue our growth strategy,” said Dr. Louis Hagen.

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MünchenerHyp underwrites Monument Building loan

11.04.2018 - Münchener Hypothekenbank eG has financed the Monument Building, located at 11 Monument Street in London.

The bank was mandated by the Global Real Estate group of Credit Suisse Asset Management to provide the financing for an investment vehicle limited to Swiss investors.

MünchenerHyp acts as sole underwriter for the financing at the end of 2017. The loan-to-value ratio of the financing is 57 percent. Almost half of the loan was syndicated to LBBW with MünchenerHyp acting as the agent for this transaction.

The Monument Building is a 9-storey office building that was completed in 2016 and is situated next to The Monument located in the centre of London. In addition to high-quality Class-A office space, the building also offers space for two shops on the ground floor. The Monument Building meets the highest environmental standards and has a BREEAM rating of “Excellent”.

“We are very pleased to have been given this mandate to finance this highly modern, BREEAM certified office building in the heart of London. It is an excellent fit to our strategy of further growth in the international markets,” said Dr. Jan Peter Annecke, MünchenerHyp’s Head of Commercial Real Estate Finance.

Rafael Scholz, the Head of Treasury at MünchenerHyp, adds, “The building’s high environmental standards make the Monument Building ideally suited for MünchenerHyp’s ESG Pfandbrief Programme.” This programme is consistent with Green Bond Principles and used by MünchenerHyp to finance properties that meet high environmental and sustainability criteria.

MünchenerHyp finances commercially used properties in Germany, France, Spain, the Netherlands, Belgium, Luxembourg, Great Britain, and the USA.

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MünchenerHyp hires Thomas Völker to lead the commercial real estate financing activities for international clients

09.01.2018 - Münchener Hypothekenbank eG has hired Thomas Völker as head of commercial real estate international clients.

In his new role at MünchenerHyp he started January 1, 2018. He will be responsible for the expansion of the German lending business with non-German clients. Furthermore, he will be responsible for the commercial lending business with non-German clients in the Bank’s international target markets UK, France, Spain and Benelux as well as expansion into other European real estate markets.

Bernhard Heinlein, member of the board of management of MünchenerHyp: “I am very pleased that Thomas Völker has opted for Münchener Hypothekenbank. With his experience with international customers and markets, we intend to further expand the commercial financing business.”

Völker left Landesbank Hessen-Thüringen at the end of last year after 13 years at the bank. Before that he was working for 5 years for Aareal Bank. During this time he was able to gain experience in most of the European real estate lending markets.

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