The international law firm BCLP advised ING on a financing transaction for the acquisition of the "Palm Studios" student accommodation in Seville, Spain, by DWS. It was a so-called "Green Loan" with a volume of EUR 30.8 million and a term of five years. The financing was qualified as a "Green Loan" due to the specific sustainability features of the property.
The "Palm Studios" property in Seville offers a capacity of 544 beds and has 111 parking spaces. Meeting ING's strict selection criteria regarding sustainability was crucial for classifying the loan as a "Green Loan". This underscores the growing importance of ESG criteria in the real estate sector, particularly in institutional investments.
Involved Parties and Their Roles
ING, which is considered the third-largest bank in Germany and one of the five largest real estate banks in Europe, acted as the lender. Kilian Zacher, Head of ING's Real Estate Sector Coverage Team in Germany, emphasised that the combination of a high-quality property, an excellent location, and a compelling sustainability profile significantly enhances the value of this transaction for both parties, DWS and ING. ING's Europe-wide presence enabled a client- and property-centric execution.
ING's deal team included Kilian Zacher, Nico Schönemann, Etienne Joudon, Martina Goebel, Mikhail Ishkhanov, and Nidhi Sharma. Legal advice was provided by BCLP. Kilian Zacher expressed his gratitude to DWS for their trust and stressed the importance of the cross-border partnership. At the same time, the expertise and collaboration of BCLP's legal advisors were recognised.
Legal and Tax Expertise
The BCLP team was led by partner Dr Torsten Pokropp and counsel Constantin Alfes, both active in real estate finance. The team was complemented by partner Heiko Stoll, who handled tax law, and transaction manager Romy Damm. This composition ensured comprehensive legal and tax support for the transaction, which was essential for the successful completion of the complex financing structure.
