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This material delves into computational solutions for light-matter interactions, exploring theoretical frameworks backed by National Science Foundation grants. The journey spans from experimental problems to theoretical solutions, culminating in the unifying equation, rate equation building, Hamiltonian development, and parameter graphs for energy levels. Comprehensive insights are provided on topics such as atomic energy systems, population change rates, decay rate calculations, and more.
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Housing & EU Finance 2020 2027 From Objectives to Action Turning EU Social & Environmental Policy into positive change for citizens 05 March 2020 I Martien Post |Gewobag
Agenda 01 Business model & strategy 02 Fundings 03 Backup | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 2
02 Business model & strategy a) Shareholder specifications | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 3
Shareholder specification Important goals of the Berlin housing policy: Affordable housing Portfolio expansion Environmental and consumer protection commitment Responsibility for the residential areas as well as input for the urban development Meaning of the urban residential housing companies (WBG): Economic performance and social responsibility in accordance with econocar solidarity, professional solidarity and high engagement Urban WBGs generate more than 300,000 of the Berlin rental dwellings Gewobag has ca. 70.000 dwellings for the largest urban WBG Instruments for implementation: Cooperation agreement Affordable rents, new housing construction and social housing supply Funding policy of new construction and modernisation Introduction of land plots, e.g. by BIM (Berlin Immobilienmanagement GmbH) Purchase of BIMA land plots Privatisation and sale stop of dwellings | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 4
02 Fundings a) Funding programs of Investitionsbank Berlin (IBB) b) Growth | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 5
Funding programs of Investitionsbank Berlin (IBB) for real estate and urban development Residential property owners Measure/ Target group Lessors & Investors WEG Energetic measures (Existing property or initial purchase) KfW Energy-efficient refurbishment IBB Energetic building refurbishment IBB WEG financing Age-appropriate conversion (Existing property or initial purchase) IBB Age-appropriate housing KfW Age-appropriate conversion IBB WEG financing IBB Modernizing living space Modernizing and refurbishing (Existing property) IBB Modernizing living space IBB WEG financing Funding through cooperatives IBB Cooperative funding KfW Energy-efficient construction KfW Energy-efficient construction Energy-efficient construction New construction of social housing IBB New construction fund Supplementary financing programs IBB Funding supplement loan IBB Funding supplement loan | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 6
Growth Key points 2020 2030 ca. 77,100 dwellings until 2021 (specification 65,300) Goal ca. 88,500 dwellings until 2026 (specification 72,600); 90,700 in 2030 Growth through 71% new construction and 29% purchase New construction 14,900 dwellings Purchase 6,000 dwellings Investment volume ca. 5.1 m Modernisation | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 7
Growth Investment volume (without investments currently being purchased) in m Neubau Modernisierung Instandhaltung 94.1 81.5 76.0 110.6 74.9 69.3 100.5 63.7 498.3 105.1 452.3 72.9 396.5 67.0 111.7 53.9 32.6 47.4 251.8 39.5 140.1 138.7 105.5 80.9 2017 2018 2020 2022 2024 2026 2028 2030 High investments in new construction; Highlights in the years 2020 - 2025 (around 2.7bn) Continuous investments in the portfolio Due to growth increasing maintenance | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 8
Growth Main points 2020 2030 Investments / financing Use of funds Origin of funds m m New construction 1,600 EIB / CEB 1,900 Project purchase, new construction 1,850 KfW 1,500 Portfolios purchase 900 IBB (WFB) 650 Modernisation 750 Other financing* / Equity** 1,050 Total 5,100 Total 5,100 * mortgage-backed loans, promissory note loans, registered bonds and other financial instruments ** reinvested annual results as well as contribution plots | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 9
03 Backup Experience with EIB a) Contract negotiations b) The essential covenants c) The repayment structure of loans 1a and 1b | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 10
Contract negotiations Start: Initiative mail contact with German regional office in Berlin 2015 2016 2017 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Preparation Preliminary talk with H. Thiessen Teleconference needed documentation Teleconference list of questions Teleconference term sheet Preliminary talk refugee housing Presentation and site survey Analysis by EIB Contract negotiations A Teleconference contractual basis Coordination contract draft A Signature contract & guaranty Fixing disbursement first tranche Incoming payment 150 million (Tranche A) Contract negotiations B Coordination contract draft B Signature contract & guaranty Coordination on basic contract terms average 3 to 4 hours Further brief teleconferences on individual points | 12.10.2017 | Financing with EIB Page 11
The essential covenants Rating: In the event of downgrading to the last investment grade level (BBB+/Baa1) or lower, the bank withdraws from the contract or the borrower provides additional securities. Collateralization index: Defines the percentage/ratio of all mortgages (nominal) of property assets (IFRS). A maximum of 70% is admissible. Change of Control: Occurs as soon as the state of Berlin holds less than 100% voting rights or control of the guarantor is not exercised by the borrower. Pari Passu: Ranking equality of all payment obligations of the borrower Change of statute/ articles of association/ representation authority/ integrity Change of legal situation: Borrower informs the bank upon becoming aware of a change of law that aggravates the payment obligations Credit standing clause: No more advantageous clauses in other financing contracts; if any exist, the lender is entitled to demand contract amendment Page 12 | 23.02.2020 Housing & EU Finance 2020 - 2027
04 Experience with EIB a) Contract negotiations b) The essential covenants c) The repayment structure of the EIB loan | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 13
The repayment structure of the EIB loan Repayment structure EIB loan 16.00% 20,000 14.00% 12.00% 15,000 10.00% Repayment in % TEUR 8.00% 10,000 6.00% 4.00% 5,000 2.00% 0.00% Zinsen Tilgung Tilgunsqoute in % Two very large special payments of 15 million EUR were necessary to meet the index and at the same time the annual repayment rates Page 14 | 23.02.2020 Housing & EU Finance 2020 - 2027
05 Building financing requirements | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 15
Project financing requirements (1/2) We are proprietors Strict regulations allow for only very moderate rent increases after new construction, modernization or energetic upgrades 50% of new construction to be built are to be built with the funding program of the state of Berlin The commitment period is 30 years, The initial net rent without utilities is between 6.50 /m and 6.70 /m per month depending on the tenant s income Another funding model stipulates initial net rent without utilities of 8.20 /m for finished attics and tenants with somewhat higher incomes Low surpluses allow for only moderate repayment rates The repayment rates of the current EIB financing are too high Remitting a portion at the end of the loan period is not possible EIB loans have long terms (25 years), but have to be repaid in full during that time period In addition, the average repayment rate may not exceed a value of 15 (weighted repayments); this further limits alternative repayment modalities Page 16 | 23.02.2020 Housing & EU Finance 2020 - 2027
Project financing requirements (2/2) Programs should be clearly described and loan terms should be transparent Application procedures should be slim in order to allow for the greatest possible investment Contract terms of 30 years should be offered A repayment rate of 1% to 2% should be possible Repayment on an annuity basis should be offered (resulting in fiscal drag on repayment) After 30 years, repayment of the remaining debt in one lump sum should be possible Thus refinancing after 30 years in the amount of the remaining capital would be possible Page 17 | 23.02.2020 Housing & EU Finance 2020 - 2027
Gewobag The whole variety of Berlin | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 18
Gewobag The whole variety of Berlin Broad based real estate property company with an official mandate Professional and experienced management Modern and innovative organisational structure High-value real estate property in the capital of Germany Many years of real estate property experience Solid and long-term oriented financing structure Growth experience | 23.02.2020 Housing & EU Finance 2020 - 2027 Page 19
Thank you very much for your attention! Gewobag Martien Post Gewobag Wohnungsbau-Aktiengesellschaft Berlin Alt-Moabit 101 A 10559 Berlin service@gewobag.de www.gewobag.de
