Owning both commercial real estate and renewable energy facilities makes sense for Commerz Real as energy prices rise and the push to decarbonise increases.
“So we have started in Europe with buying the first renewable energy parks, but we are just now trying to expand on a global perspective and Australia is one of the key markets for this one as well.”Since its launch, Commerz Real’s impact fund has accumulated 33 operational wind farms and solar parks as well as 10 solar park project developments in Germany, France, Spain, Finland and Sweden. The portfolio can generate the power needed for more than 200,000 households.
“We do both. And we also believe very much that real estate and renewable energy are getting closer and closer in the future. For that reason, Australia is quite an interesting market. You guys are really advanced already on ESG topics.”Driving the demand to hold both asset classes is the need tenants have for renewable energy, which goes well beyond what rooftop solar could supply.
“If you have these kinds of higher prices in Europe right now, in Germany, it’s a huge advantage. If you can lower your energy pricing levels for your tenants, it makes your portfolio much more attractive.” “This was always pretty expensive for us. In combination with relatively low cap rates, it was always very difficult for us to be competitive,” Mr Koch said.
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