Meridiam and MEAG have successfully reached Financial Close for the financing of its Fiber-To-The-Home (FTTH) rollout in Montabaur, Germany. This transaction features a 30-year long-term bond financing, supporting the deployment of a comprehensive fiber network that will pass approximately 20,000 homes in the Montabaur area. The deal builds on last year's successful financing of Meridiam’s first roll-out in seven municipalities, which delivered FTTH to 100,000 homes passed.

Meridiam is partnering with Vodafone to accelerate FTTH deployment across multiple municipalities in Germany, a country with one of the lowest FTTH penetration rates in Europe, particularly in rural and semi-rural regions. Through this collaboration, Meridiam and Vodafone aim to deliver high-speed gigabit broadband to more than 500,000 underserved households, with Vodafone responsible for customer acquisition and service marketing.

This transaction marks the second occasion in which MEAG has supported Meridiam's fiber expansion strategy, addressing the urgent need to enhance digital infrastructure in underserved areas. The initiative plays a vital role in bringing Germany's fiber connectivity in line with European standards, positioning the country for significant digital growth.

The project is financed through an innovative 30-year bond structure for ca. €40 million, exclusively arranged by MEAG on behalf of institutional investors.

Since launching its fiber strategy in 2020, Meridiam has invested over €2 billion in digital infrastructure across Europe (Germany, Austria, Romania) and North America (USA and Canada), contributing significantly to closing the digital divide and connecting underserved communities to high-quality, future-proof fiber networks.

MEAG is the asset manager of Munich Re Group. With representations in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around €354 billion, including €63 billion for private and other institutional investors.

MEAG has purchased the office building MB4 in Lisbon for one of its real estate special funds. The vendor was Fidera Group, which acquired the building in December 2019 and executed a full refurbishment with a focus on achieving a BREEAM Excellent certification, while preserving the unique character of the original construction. The building is fully let.

The property is on Avenida Miguel Bombarda, 200 metres from Saldanha Square and Avenida da República, in Lisbon's burgeoning CBD 2.

The building has around 7,500 m² of office space spread over its 9 floors, with units of between 520 and 740 m² on each, and retail spaces. It also boasts several terraces and a PV plant on the roof. Four parking levels offer around 116 parking spaces, as well as e-charging stations and cycle stands.

Built in 1981, the MB4 was fully renovated in 2022 and will soon be awarded BREEAM Excellent certification.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG: "The MB4 meets our demanding criteria on the future-readiness of our real estate assets. It is leased out with long-term contracts and offers our Group's investors lastingly stable cashflows. There is still a shortage of modern office buildings in Lisbon. With this purchase, we are also expanding our high-quality real estate portfolio there."

Magnus von Hagen, Transaction Manager: "The MB4 in Lisbon is distinguished by its emergent location in CBD 2, and by its leading-edge amenities. Our thanks to the vendor and all the advisors involved for the excellent collaboration on this deal."

MEAG was advised by CBRE, Linklaters (legal/tax), Gleeds (technical) and KPMG (financial). The vendor was advised by Savills, PwC (financial and tax) and Uría Menéndez (legal). 
MEAG is the asset manager of Munich Re Group. With representations in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around €345 billion, including €61 billion for private and other institutional investors.

Fidera Group is an FCA-regulated, independent, European asset manager, focusing primarily on European corporate and asset-backed investments, claims and special situations.

MEAG, Munich Re’s asset manager, has reached an agreement with SMA Altenso GmbH to acquire a 100% stake in Metelen Battery Park, a 92,5 MW/231 MWh, stand-alone and ready-to-build battery energy storage project (BESS) located in North Rhine-Westphalia, Germany.

Because they depend on specific weather conditions, renewable power plants such as wind and photovoltaic parks are raising the volatility of power generation. More and larger BESS projects are needed to cope with this increasing volatility and balance the electricity grid.

SMA Altenso will remain closely connected to the project by acting as general contractor and O&M provider for Metelen Battery Park, which is expected to be connected to the grid in the second half of 2025. This investment marks MEAG’s first step into BESS after monitoring the market closely for more than a year.

Dominik Damaschke, Head of Infrastructure Equity at MEAG: “We are delighted to be investing in the German BESS market, as electricity storage helps to avoid the “dark doldrums” and enables more renewable energy to be brought to the grid. We also expect attractive returns for our investors in this promising business segment.”

Alessandro Materozzi, Head of Project Development at Altenso: “We are glad to work with such an experienced and long-term oriented asset manager like MEAG. We trust our partnership will be beneficial for all parties involved and we strongly believe that project Metelen will mark a cornerstone in the German BESS market.”

MEAG is the asset manager of Munich Re Group. With representations in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around €345 billion, including €61 billion for private and other institutional investors.

SMA Altenso GmbH is a 100% subsidiary of SMA Solar Technology AG. As a leading global specialist in photovoltaic and storage system technology, the SMA Group is setting the standards today for the decentralized and renewable energy supply of tomorrow. Altenso sees itself as an international system integrator of complex large-scale battery storage systems, hydrogen applications, and off-grid & hybrid solutions. As a young, diverse, and dynamic company, Altenso is working towards the goal of implementing innovative projects as a contribution to the energy transition.

MEAG, in partnership with CBRE Investment Management, has acquired the Westlight Apartments, a LEED Gold residential complex with ground-floor retail in Washington, D.C., for Munich Re.

The property includes 93 residential units, as well as Enrique Limardo's Michelin-starred restaurant Imperfecto and a Blue Stone Lane Café.

Westlight offers a rooftop pool, sundeck and fitness center. The apartments feature high-end furnishings, generous floor plans and premium finishes.

Located in Washington's West End, Westlight is just steps from the Kennedy Center, the historic neighborhood of Georgetown and Dupont Circle.

“Westlight is located in the heart of Washington D.C.'s West End and is an ideal addition to Munich Re's growing US residential real estate portfolio,” says Volker Zinkl, Head of Real Estate Asset Management International, MEAG. ”We are confident that top locations will outperform in the long term.”

With this acquisition, MEAG has expanded Munich Re's US residential portfolio to over 500 units at three locations within 20 months.

MEAG is the asset manager of Munich Re Group. MEAG consists of an affiliated group of entities  in Europe, Asia and North America that offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG, as a group, currently manages assets totaling approximately €345bn, €61bn of which is for third party investors.

MEAG, Munich Re Group’s asset manager, is joining Oak Hill Capital in a financing of Race Communications, California's leading fiber optic internet provider. The additional funding will enable Race Communications to expand its fiber-to-the-home network to up to 1 million locations throughout California over the next several years. Oak Hill Capital has been a dedicated partner to Race Communications, supporting its growth and expansion efforts since its initial investment in 2020.

Race Communications is a leading high-speed Internet provider in California. With approximately 200,000 locations, Race Communications has driven widespread coverage of high-speed Internet by providing reliable, high-speed Internet service in many California communities, including Lancaster, Chico and Yuba City, as well as rural areas in the Central Valley. The new funding will allow Race to connect even more Californians to the benefits of fiber optic technology.

Dr. Alexander Poll, Head of Alternative Assets Americas, MEAG New York: “MEAG is pleased to invest in Race Communications alongside Oak Hill Capital. The Munich Re Group clients served by MEAG are further expanding their investments in the megatrend of digitization with this second US fiber investment.”

Guggenheim Securities, LLC served as financial advisor and Holland & Knight served as legal counsel to MEAG.

MEAG is the asset manager of Munich Re Group. MEAG consists of an affiliated group of entities  in Europe, Asia and North America that offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG, as a group, currently manages assets totaling approximately €345bn, €61bn of which is for third party investors.

MEAG has received planning permission from the London Borough of Islington Council for the refurbishment and extension of 30 Finsbury Square in London. The 30 Finsbury Square development will deliver a 9 storey commercial office building that offers high-end quality workspace with an upgraded public realm in a desirable location.

The scope of the retrofit includes a double-height lobby, a new secondary entrance, an upgraded façade and new MEP services. The energy concept will be all electric, i.e. no more fossil fuels will be used in the building, and instead its heating and cooling generation will be based on air-source heat pumps with localised power generation through photovoltaics. An extra level on the roof will provide additional office space, a winter garden and a large roof terrace with plants. The mobility concept includes end-of-trip facilities,  including parking for cyclists and amenities such as showers, changing rooms and a wellness suite.

Katja Rincker, Head of Real Estate Development at MEAG: "As an equity-strong investor we are able to implement developments in challenging times to deliver sustainable value. By listening to the needs of our tenants for a modern office building and meticulously analysing the existing property, we can bring together high levels of sustainability and outstanding quality. With our partners Fletcher Priest Architects, Introba and CBRE as project manager we are able to put 30 Finsbury Square in the best possible position for the future.”

Sustainability and whole life carbon assessments have been a key consideration in retaining 90% of the existing structure, including the Portland Limestone load-bearing façade. Moreover, market-leading certifications such as BREEAM 'Outstanding', WELL 'Platinum', and NABERS are targeted.

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 345bn, € 61bn of which for non-Group investors.

Project team:

Architect - Fletcher Priest Architects

Leasing Agents - Knight Frank / Cushman Wakefield

Legal advice - Clifford Chance

Planning consultant - CBRE

Project manager - CBRE

Quantity surveyor - Savile Brown Associates

Services engineer and MEP - Introba

Structural and facade engineer - Maffeis

InfraRed Capital Partners (“InfraRed”) and MEAG, the Asset Manager of Munich Reinsurance Company (“Munich Re”) and its wholly owned direct and indirect subsidiaries (collectively, the “Munich Re Group”), are pleased to announce that they have partnered on LiveOak Fiber (“LiveOak”) via a co-investment commitment, which has been granted to LiveOak for clients managed by MEAG.

LiveOak is a fibre-to-the-premise developer focused on delivering high-speed broadband to underserved markets in the southeast region of the United States. It is majority-owned by InfraRed value-add strategies. LiveOak was founded in June 2022 by InfraRed and a management team of experienced telecommunications executives. LiveOak has successfully grown into a regional network operator serving business and residential customers in 5 counties across Florida and Georgia, areas with limited investment into fibre. This investment will further support the build out of LiveOak’s network in selected markets throughout the region.

The company has already completed more than 50% of its Georgia and Florida network builds, providing fibre-based ultra-fast broadband internet and communications solutions to homes and businesses. This includes deploying more than $200 million in investment and constructing and lighting more than 1,000 miles of fibre. LiveOak recently secured $250 million in financing underwritten by J.P. Morgan.

This is the fourth co-investment that InfraRed has closed in the last 18 months with a cumulative total of c.$340m. This reflects the increased demand for co-investment and InfraRed’s dedicated approach and active pipeline of growth and core yielding opportunities, as a result of InfraRed’s focused middle market positioning and complementary value-add and core strategies.

Michael Straka, Head of Capital Formation, InfraRed Capital Partners, commented:

“The partnership with MEAG is testament to the attractiveness of LiveOak Fiber and the progress that has been made in rolling out their next generation broadband fibre network. We’ve worked actively with the LiveOak team to establish a strong foundation and to drive this progress, and we look forward to the next phase of its development. “We want to thank the MEAG team for the smooth co-investment process, following our established, repeatable framework.”

The investment into LiveOak will broaden the ~$2bn infrastructure equity portfolio managed by MEAG in the Americas by expanding into the growing US fibre market, after first investments into the fibre market in Europe over the last years.

Dr. Alexander Poll, Head of Alternative Assets Americas at MEAG New York, said: “We are excited about the opportunity to invest alongside InfraRed into this very attractive growth opportunity and to further expanding our infrastructure equity footprint in the US. The team at MEAG New York are looking forward to working with both InfraRed and LiveOak management to continue LiveOak’s success story in the broadband fibre space.”

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating [2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period [3]. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $13bn equity under management (USD) – Uses 5-year average FX as at 31st March 2024 of GBP/USD of 1.2839; EUR/USD 1.1179. EUM is USD 12.927m.

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

[3] In the 2023 Principles for Responsible Investment (“PRI”) assessment, InfraRed achieved a 5 star rating for the Policy Governance and Strategy and Infrastructure and a 4 star rating for the newly created Confidence Building Measures. Please find InfraRed’s report available for download on our website here: https://www.ircp.com/sustainability/

About MEAG

MEAG is the asset manager of Munich Re Group. MEAG consists of an affiliated group of entities in Europe, Asia and North America that offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG, as a group, currently manages assets totalling approximately €345bn, €61bn of which is for third-party investors.

MEAG invests in alternative assets in the Americas on behalf of Munich Re Group and other non-US institutional investors. MEAG’s most recent infrastructure equity investments in the US comprise investments into renewables development platform Longroad Energy Holdings, various acquisitions via its parking platform Interpark and its water platform Nexus Water Group, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal.

For more information, visit meag.com

About LiveOak Fiber

LiveOak Fiber is a premier all-fiber broadband service provider, dedicated to providing lightning-fast and dependable connectivity to serve communities across Florida and Georgia. LiveOak’s commitment extends beyond connectivity; we invest in the regions we serve, enhancing quality of life and fostering economic development.

MEAG has acquired a newly developed logistics facility located in Roermond, Netherlands. The transaction was conducted off-market with the assistance of BNP Paribas Real Estate, who advised MEAG throughout the acquisition process. The seller, Next Level, completed the BREEAM-Excellent certified building in February 2024.

The facility's BREEAM-Excellent certification showcases its advanced sustainability features, including energy efficient use with renewable sources, a focus on health and wellbeing through optimal indoor conditions, and effective water management.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG: “The acquisition of this prime logistics asset aligns with MEAG's strategy to strengthen its portfolio with high-quality, sustainable properties in key European markets. This transaction reflects the growing demand for modern, sustainable and futureproof logistics spaces across Europe and underlines MEAG's commitment to securing assets for its clients that offer long-term value.”

Sebastian Sturm, Transaction Manager Real Estate: “We would like to thank the seller and all the advisors who made this wonderful job and the purchase possible in just a few weeks. We look forward to a successful future together with the tenant.”

MEAG was advised by Greenberg Traurig (legal), Antea Group (technical) and BNP Paribas Real Estate (commercial).

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

A consortium of Vauban Infrastructure Partners through Core Infrastructure Fund IV SCSp and Core Infrastructure Fund IV SCA SICAV RAIF (together “Vauban”), EDF Invest and MEAG, has reached an agreement to acquire 100% of Cellnex’s Austrian tower business.

The Austrian TowerCo owns and operates c. 4,600 rooftop and ground-based towers through which it provides mobile coverage to businesses and communities across the country. With a c. 25% market share, the company is the third largest TowerCo and largest independent TowerCo in Austria.

Austria has historically been a front-runner in the European mobile data market and this investment will ensure the continued provision of high-quality mobile coverage across the country. TowerCo assets benefit from a mature business model with growth opportunities and concrete upsides from increasing data demands and requirements for improved coverage.

The acquisition aligns perfectly with the consortium’s strategy of long-term investments in strategic sectors aimed at providing essential infrastructure and improving connectivity. The consortium partners have an aligned interest which provides the business with long-term stability and financing for delivering sustainable growth.

Gwenola Chambon and Mounir Corm, founding partners of Vauban Infrastructure Partners, commented: "Vauban’s investment in the tower market is a testament to Vauban Infrastructure Partners' commitment to providing critical infrastructure that improves connectivity. For Vauban, this is a first investment in both towers and Austria, which enhances Vauban’s sector diversification and geographic investment footprint. Teaming up with EDF Invest and MEAG positions us in a long-term strategic partnership to leverage each other’s strengths and aligned goals."

Alexandre Pieyre, Head of EDF Invest, added: “EDF Invest is thrilled to invest in the Austrian tower market, one of the most advanced mobile markets in Europe. With this transaction, EDF Invest continues to execute its strategy in key telecom infrastructures. Alongside our partners Vauban and MEAG, and with an experienced management team, we look forward to supporting the company and its employees in delivering long-term value to its customers and seizing growth opportunities.”

Dominik Damaschke, Head of Infrastructure Equity Transactions at MEAG, concluded: “We are pleased that we were able to secure this investment in line with our investment theme digital infrastructure. Regular and reliable long-term profit distributions and a stable dividend yield are important criteria when considering investments. We are looking forward to a successful partnership with EDF invest and Vauban Infrastructure Partners.“

The closing of the transaction is subject to customary regulatory clearances.

About Vauban Infrastructure Partners

Vauban Infrastructure Partners is a leading infrastructure asset manager focused on European core infrastructure investments. With headquarters in Paris and subsidiaries in Luxembourg and New York, as well as a branch in Munich, the firm comprises of 76 professionals, many of whom have worked together for over a decade. Vauban targets predominantly European brownfield mid-market assets pursuing a long-term yield-driven strategy matching the underlying nature of assets and long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised over €9 billion across 8 funds in core infrastructure from over 100 investors within 19 different countries and has invested in over 70 assets in mobility, energy transition, social & digital infrastructure across 15 different geographies. https://vauban-ip.com/

About EDF Invest

EDF Invest, the investment arm of EDF for non-listed Dedicated Assets, currently manages around €10bn of equity and is targeting around €12 billion in the next few years. EDF Invest contributes to the funding of the decommissioning of EDF’s power plants in France. Its mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting three non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds. http://www.edfinvest.com/

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

• Institutional investors represented by MEAG are the sole lenders  to the Meridiam-led consortium
• The financing serves the refurbishment of an existing 183 km road in the Spanish region of Aragon
• The PPP project benefits from a long term concession agreement with the region of Aragon

Institutional investors whose infrastructure investments are managed by MEAG, the asset manager of Munich Re and ERGO, participate in Project Aragon I-10, an initiative set to improve the road infrastructure in the Aragon region of Spain. This project is part of the Extraordinary Investment Plan in Aragon's Roads (PEIC), aiming to significantly improve transportation networks, particularly in rural areas. 

Benjamin Hemming, Head of Illiquid Asset Debt at MEAG: “We are delighted to be part of this Aragon PPP project success story. Core infrastructure projects remain of high interest to our investors and we are pleased to be able to work alongside Meridiam and their partners on this one.”

Isil Tanriverdi Versmissen, Head of Infrastructure Debt Transactions at MEAG: “ My sincere thanks go to our partner and all those involved for the structuring efforts that went into this transaction. We are happy to play a role in the upgrade of transport infrastructure in the Aragon region, supporting the economy."

Project Aragon I-10, also known as "Itinerario 10", is a strategic partnership with Meridiam, Alvac, and Lecha. The Meridiam Consortium has been awarded the concession in January 2024 with signing having occurred in May. The Project is focused on upgrading an existing road to enhance connectivity and promote economic growth. It is expected to have minimal environmental impact, as the new works will largely be confined to the footprint of the existing road, and about 30% of recycled asphalt pavement will be used for its rehabilitation.

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

Acting on behalf of its institutional investors, MEAG has joined a lending syndicate that finances Solør Bioenergy Group - a leading provider of renewable district heating, steam, electricity, biofuels and innovative water system solutions to private households and industries - through a holding company.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: "Solør's diversified customer base and long-term contracts make it an attractive investment opportunity, and we're excited to be part of its continued success story."

Established in 2003, Solør has expanded significantly since its inception through over 230 strategic acquisitions, including notable purchases of E.ON, NBI, and Veolia's Nordic district heating business. MEAG's financing will empower Solør to pursue strategic acquisitions and further solidify its position as a market leader in northern Europe.

Solør operates a supply grid spanning 1,438 km that delivers heat and industrial steam to approximately 600,000 end-users. The network encompasses 300 sites, including 105 district heating plants, 170 local heating plants, 8 biomass plants and 19 utility solution plants.

Solør is owned to 40% by Polhem Infra, an infrastructure investment company belonging to the Swedish Pension Fund, and to 60% by Nordic Infrastructure, a holding company owned by Solør's founders.

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

MEAG has acquired its first apple orchard in a tier-one apple-growing area in New Zealand on behalf of a client for a lower double-digit million NZD amount. This investment marks for MEAG’s client a significant step forward and the beginning of a New Zealand growth strategy in agriculture.

The location of the asset is favorable for the planned transition of the orchards from commodity apple varieties to premium varieties. The aim of the strategy is to build long-term strategic partnerships with the local industry and to develop further orchards in rural areas. The strategy is expected to create jobs in rural communities and support the production of high-value crops.

The investment is part of a targeted strategy to increase the global long-term exposure to agriculture. “Agriculture is an integral part of MEAG´s alternative investment strategies aiming to diversify individual client portfolios. These investments are ideal for investors with a long-term approach seeking inflation-protected returns, attractive cash flows and low correlation with other asset classes”, said Thomas Bayerl, Member of MEAG’s Board of Management.

Agriculture is part of MEAG´s Natural Capital asset class where MEAG has developed specific know-how, leveraging Munich Re's outstanding expertise in assessing natural risks and potential climate change impacts.

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

Lydia Malakis was appointed Head of Institutional Sales at MEAG on 1 June 2024. She is responsible for MEAG's institutional and wholesale sales, reporting to Frank Becker, Managing Director Institutional Clients. Lydia Malakis has previously held senior sales positions with international asset managers, including Generali Insurance in Milan, Vanguard International in London, and Schroders, also in London. Between July 2021 and December 2022 she was Managing Director and Member of the Board of MEAG Luxembourg S.à r.l.

Also since 1 June 2024, Alexander George assumes responsibility for institutional sales in Germany, Austria and Switzerland as Head of Institutional Sales D-A-CH. He reports to Lydia Malakis. Prior to joining MEAG in 2021, Alexander George worked at the multi-family office Novethos in Munich and has many years of professional experience with institutional investors at major national and international banks and private banks.

Frank Becker, Managing Director Institutional Clients: "I am delighted that in Lydia Malakis we have been able to attract a highly experienced and internationally networked manager for our team, who is also very familiar with MEAG. She understands the investment needs of institutional investors from a variety of perspectives and will be a driving force in the expansion of our business, including internationally. With his extensive experience and expertise, Alexander George has contributed to our success over the past few years and, as the point of contact for German-speaking investors, has ensured a high level of satisfaction. I am very much looking forward to working on our ambitious goals with Lydia Malakis and Alexander George."

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

Rock Rail and Infracapital have established a platform for investment in rolling stock for Germany, which will finance another new electric fleet for the Leipzig Central German S-Bahn Network 2025+ (MDSB 2025+), just months after the first lot was closed. MEAG is acting as sole arranger of the senior debt financing on behalf of Munich Re Group as well as other institutional lenders, reaffirming their commitment to the modernisation of sustainable public transport in Germany.

The fleet comprises 41 Siemens Mireo 3-car trains and will enter service in 2026. The trains will initially be leased to Die Länderbahn GmbH (part of the Netinera Group of Companies in Germany), who have won the concession to operate part of the MDSB 2025+ services. The fleet will deliver a step-change in passenger experience and uplift to capacity, which will help support Germany’s growing demand for rail travel and transition away from other, less environmentally friendly modes of transport. The design has been specified to deliver all operational requirements of the network including features that support safe operation through the Leipzig Tunnel; optimised floor level to match different platform heights and operational performance for both S-Bahn services on the core section and regional on the outer sections.

The Siemens Mireo platform operates at up to 25% higher energy efficiency than trains with similar capacities and delivers climate-friendly mobility. The fleet will provide step-free access from a standard 550m platform and is designed with a gap bridging plate and sliding step to accommodate TSI PRM compliant access for all platform heights. The train exterior is marked for wheelchair users and bicycle spaces to facilitate passenger flow at busy stations.

The new EMUs will service the following lines:

S 3: Halle Nietleben – Halle Hbf – Leipzig Hbf. (lower level) – Borna – Geithain

S 5: Halle Trotha – Halle Hbf – Leipzig/Halle Airport – Leipzig Hbf. (lower level) – Altenburg – Gößnitz – Zwickau or Glauchau

S 5X: Halle Trotha – Halle Hbf – Leipzig/Halle Airport – Leipzig Hbf. (lower level) – Altenburg – Werdau – Zwickau or Plauen

Rock Rail and Infracapital will use its platform to help deliver private infrastructure capital to Germany’s rolling stock market and support the country’s transition to net zero.

Mark Swindell, Chief Executive Officer at Rock Rail, said: “Rock Rail has been working in Germany since 2018 and has strong relationships with all the German regional public authorities, operators and manufacturers. We are delighted to have worked on our second deal in Germany with Infracapital and MEAG to lease Siemens Mireo trains to Die Länderbahn in the beautiful city of Leipzig. We will continue to work very hard with our operator partners to fund more fleets in Germany with Infracapital over the next few years.”

Priya Veerapen, Managing Director at Infracapital, said: “We are pleased to have secured this follow on investment in the Leipzig Central German S-Bahn Network 2025+ fleet alongside Rock Rail, which builds on our ongoing partnership and ambition to support the delivery of improved sustainable transport systems in a market which holds significant growth potential.”

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG, said: “We are very pleased to support Rock Rail and Infracapital by arranging the senior debt financing for the fleet of Siemens Mireo trains to be deployed on the MDSB2025+ network. This underpins our ambition to substantially contribute to the modernisation of sustainable public transport in Germany. The technically advanced features of the new fleet will allow state-of-the-art passenger experience, increased capacity and an improved environmental footprint.“

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €345bn, €61bn of which for non-Group investors.

For more information, visit www.meag.com.

• Apartment complexes are located in Berlin’s Prenzlauer Berg and Mitte districts
• 544 residential units on a total leasable area of around 36,000 square metres

Düsseldorf/Munich, 6 May 2024 – MEAG just acquired three apartment complexes in Berlin from Trei Real Estate (“Trei”). The properties, located in the city’s Prenzlauer Berg and Mitte districts, were developed by Trei on sites previously occupied by single-storey supermarkets. The overall leasable area of about 36,000 square metres breaks down into a total of 544 rental apartments of one to five rooms and 179 car parking spots. The ground floor premises of the properties are taken up by commercial units with a combined floor area of about 7,000 square metres, which are let to local convenience markets of the EDEKA and Rewe grocery chains, respectively. The two parties agreed not to disclose the selling price.

Dr. Stefan Haas, Managing Director at MEAG: “By adding the new-build units of Trei, we are expanding our real estate portfolio in Germany to include new residential buildings of the finest quality in premium locations. Even in Germany, the current market environment has begun to offer a growing number of opportunities in all relevant use classes again. As investment arm of insurance companies, investing their equity capital gives us an advantage over those competitors who rely on debt financing.”

Pepijn Morshuis, CEO of Trei: “I am glad we were able to close this deal successfully even in challenging times like these. Like in previous collaboration with MEAG on retail real estate transactions, we once again did so in a spirit of partnership.”

One of the three properties is located at Winsstrasse 18 in Prenzlauer Berg and divides into 187 residential units, another one of 240 residential units is located at Pappelallee 45-53, also in Prenzlauer Berg, while the third one of 117 residential units is located at Fürstenberger Strasse 8. The occupancy rate at all three of the properties approximates 99 percent. Located in close proximity of them are the Kulturbrauerei cultural and event center, the greenery of Mauerpark, and a large number of cafés, bars and restaurants.

Trei received legal counsel from Dentons and tax advice from KPMG. BNP acted as estate agent for the seller. On the buyer side, MEAG was advised in legal matters by Norton Rose Fulbright Legal, and in technical matters by Gleeds. Savills supported MEAG in its market research efforts in an advisory role.

About MEAG

MEAG is the asset manager of Munich Re and ERGO. Present in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets in the value of around 340 billion euros. In its business with institutional investors and private clients, MEAG has 60 billion euros under management. For more details, go to www.meag.com.

About Trei Real Estate

Trei Real Estate GmbH, a German real estate company with registered office in Düsseldorf, acquires, develops and manages customised and sustainable residential and retail properties. As a wholly-owned subsidiary of the Tengelmann Group, it focuses on real estate investments and developments in Germany, Poland and the United States within the framework of its long-term strategy. In addition to c. 1.3 billion euros in assets under management, Trei Real Estate GmbH has c. 2.0 billion euros worth of developments in the pipeline. In Poland, the company develops, raises and lets retail parks under the Vendo Park brand. Also active on Germany’s housing market, e. g. in Berlin, Trei currently develops residential quarters combined with commercial premises as well as student apartments under the Quartillion brand. The company’s residential activities outside Germany include development projects in Poland and in the United States. For more details, go to www.treirealestate.com.

It all began in April 1999, with Munich Re and ERGO founding MEAG to bundle the Group's asset management expertise under one roof. MEAG quickly achieved its goals of becoming one of the successful players in asset management and significantly improving the performance of Munich Re Group's investments. Today, MEAG manages assets to the value of around 340 billion euros, 60 billion euros of which for non-Group investors.

MEAG is a leading provider of investments in all key liquid and alternative asset classes, such as fixed income, multi asset, infrastructure debt & equity and real estate. It offers institutional investors, financial intermediaries and retail clients – today even outside Germany – a wide range of investment funds and individually tailored solutions.

Andree Moschner, MEAG CEO: "We are celebrating 25 years of MEAG! And thus also a 25-year success story. Thank you to our customers for their trust in our experience and expertise. And thank you to all the staff at MEAG for their commitment and contribution to the success of our company."

MEAG on behalf of one of its clients has entered into an agreement to acquire about 33,000 hectares of sustainably managed forests in Finland for a low triple-digit million Euro amount in an off-market transaction. The properties encompass:

• Total forest area larger than the city of Munich
• Approximately 25 million standing trees
• Over 4 million metric tons of stored CO2 equivalents above ground biomass
• Potential to generate renewable energy in future
• 100% of forest properties sustainably managed based on third party certification (PEFC & FSC)
• About 1,350 hectares are reserved for nature conservation purposes

The investment is part of MEAG’s investment strategy to develop well diversified forestry portfolios for its clients in most established forest markets. By focusing on professionally managed large-scale investments in selected regions like the North America, Oceania and the Baltic Sea Region, MEAG can offer its clients targeted access to opportunities with attractive risk-return prospects. The regional diversification is a key factor to mitigate potential risks like wood price volatility or potential climate change impacts.

"The forestry asset class is an integral part of MEAG's alternative investment strategy to diversify individual client portfolios. These investments are ideal for long-term investors who are looking for inflation-protected returns, attractive cash flows and a low correlation with other asset classes. We are pleased that by investing in Finland, we are further enriching our diverse portfolio in one of the most developed forestry markets. Due to the great success of the forest investment program for Munich Re Group, MEAG has decided to offer its market access also to other institutional investors," says Wendelin von Gravenreuth, Head of Illiquid Assets Forestry.

MEAG continues to increase its focus on alternative investments that offer attractive risk-adjusted returns over long periods of time. Alongside the asset classes of real estate, infrastructure, private equity and agriculture, forestry is an integral part of MEAG's global alternative investment strategy. MEAG has developed distinct expertise not only in forestry and related financial aspects, but increasingly also in sustainable forest management practices, leveraging Munich Re's special expertise in assessing natural risks and potential climate change impacts. At MEAG, all these aspects are an essential element of our due diligence process and ongoing management considerations.

MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 340bn, € 60bn of which is for non-Group investors.

Munich Re Group's asset manager MEAG today announced the first closing of its MEAG Sustainable Forestry Equity Fund, with capital commitments to the tune of USD 207 million coming from German insurers and the pension scheme of a DAX-listed company group. The first investments are scheduled for the first half of 2024, with the fund's global investment strategy prioritising established professional markets that offer investors an attractive risk/return ratio. The focus lies on forested land in the USA, New Zealand and Australia. In addition to the regional risk-spreading, diversification within the investment class is ensured, among other things, by the variety of woods and usage types covered.

The fund discloses in accordance with Article 9 of the EU Disclosure Regulation (SFDR), and accordingly has a sustainable investment strategy. It invests in ecologically sustainable forest management within the meaning of the EU Taxonomy, while at the same time contributing to several sustainability goals of the United Nations (SDGs). Five percent of the MEAG Sustainable Forestry Equity Fund's asset volume are to be invested in new afforestation, and its target volume is USD 500-700 million.

Thomas Bayerl, MEAG Managing Director and Global Head of Illiquid Assets: "MEAG has decades of experience with forestry investments around the globe, and these have proven to be an important stability factor in our portfolio. In view of the challenging conditions on capital markets right now, we are even happier about the success of the fund's first closing with more than 200 million US dollars."

One feature of forest investments is their low correlation with other investment classes. This is partly because trees grow irrespective of what is happening on capital markets. On top of this comes the long-term potential for value growth due to the globally rising demand for wood, fuelled in particular by the trend towards sustainable construction and materials.

Frank Becker, MEAG Managing Director and responsible for institutional clients: "The forestry asset class is still uncharted territory for many investors. With our many years of expertise, we have been able to help build trust in this exciting asset class. The combination of long-term returns and sustainability is particularly attractive. As a subsidiary of Munich Re, MEAG is also ideally positioned to develop needs-based solutions for its clients thanks to its many years of experience in the areas of risk management and sustainability."

The MEAG Sustainable Forestry Equity Fund further expands MEAG's already extensive offering of alternative assets. With it, institutional investors can diversify their portfolios even more broadly, while also integrating environmental and social aspects, because forests promote biodiversity, sequester atmospheric CO2 and provide jobs and recreational spaces. What is more, as humanity's oldest regenerative source, forests provide diverse ways to generate income and offer an attractive risk/return profile.

The MEAG Sustainable Forestry Equity Fund is an alternative investment fund under Luxemburg law (SCSp SICAV-RAIF) and it is managed by the AIFM Hauck & Aufhäuser Fund Services S.A..

Dr. Holger Sepp, Member of the Management Board, Hauck Aufhäuser Lampe Privatbank AG: "We are delighted to be able to support MEAG in its ambitious project with an attractive offer as an asset servicing provider. Thanks to our many years of experience in Luxembourg, together we will be able to offer attractive and customised investment solutions."

Feeder structures for investment into the MEAG Sustainable Forestry Equity Fund master fund are already in place or can be set up as required.

The fund's management team has many years of experience investing in forest assets in the target regions to generate value growth through active asset management (afforestation, management, harvest planning, marketing). When purchasing and managing forested areas it can call upon the expertise and data of Munich Re when it comes to the risks that arise from climate change and natural disasters. Munich Re Group has been investing in this asset class since 2009 and in twelve countries. At MEAG, the forestry asset class is part of the Alternative Assets unit (real estate, infrastructure, renewable energy, natural capital, forestry & agriculture), which boasts more than 200 staff members.

MEAG is the asset manager of Munich Re Group, and it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 340bn, € 60bn of which for non-Group investors.

MEAG has acquired approximately 44,000 hectares of productive pine forests in Texas and Louisiana, U.S.A., on behalf of a client for a lower triple-digit million USD amount in an off-market transaction. The acquired property encompasses:

• over 31 million standing trees
• over 350 miles of water streams with riparian protection zones
• over 100,000 acres of diverse wildlife habitat for recreational pursuits
• a total area which is larger than that of the City of Munich

The investment is part of a targeted strategy to increase MEAG's client's long-term exposure to forestry. By focusing on professionally managed large-scale investments in selected regions, MEAG can offer its clients targeted access to opportunities with attractive return prospects.

“Forestry is an integral part of MEAG´s alternative investment strategy to diversify individual client portfolios. These investments are ideal for investors with a long-term approach seeking inflation-protected returns, attractive cash flows and low correlation with other asset classes. Given the great success of the forestry investment program for the Munich Re Group, MEAG decided to offer its market access also to third-party investors”, said Wendelin von Gravenreuth, Head of Illiquid Assets Forestry.

Forestry is imbedded in MEAG´s Natural Capital asset class where MEAG has developed unique know-how, leveraging Munich Re's outstanding expertise in assessing natural risks and potential climate change impacts.

MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 323bn, € 56bn of which is for non-Group investors.

• MEAG is part of the GBP 350m financing consortium, including major banks and institutional investors
• The financing is aimed to refinance existing debt and to fund growth across the UK and Europe
• Wildstone has long-term contracts with media operators, which act as the basis for the financing

MEAG participates in the GBP 350m infrastructure financing of Wildstone, a leading owner of outdoor media infrastructure across the UK and Europe owned by Antin Infrastructure Partners (Flagship Fund IV).
The transaction also marks the first infrastructure debt raised in the Out-of-Home (OOH) sector, and is the first widely syndicated financing for Wildstone.

Since 2010 Wildstone has established itself as a leader in the Out-of-Home infrastructure by developing a portfolio of over 5,000 assets across the UK, Ireland, Spain, The Netherlands and Germany. The purpose of this financing is twofold: to refinance existing debt and to fuel the expansion of Wildstone's footprint across Europe, as well as explore strategic opportunities to enhance its global presence.

Damian Cox, CEO and Founder of Wildstone: “Completing a refinancing of this magnitude in today’s market is testament to the quality of our estate, our people and most importantly our partner tenants. This industry-first debt facility will enable us to further expand our portfolio across Europe, aggressively scale our industry-transforming digitisation efforts and increase our operational flexibility.”

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: “We're delighted to be part of Wildstone’s and Antin's success story. We found comfort in the strong infrastructure aspects of the business model, making it an attractive diversification to our portfolio.”

About Wildstone
Wildstone are Europe’s leading owner of outdoor media infrastructure. The company’s impressive portfolio of over 5,000 out of home advertising assets includes digital 48-sheet screens, classic paper and paste billboards, as well as super-premium digital sites. Wildstone buy and rent property sites for outdoor advertising across the UK and Europe. With over 13 years of experience within the industry, Wildstone are helping shape the future of the advertising market through the digitisation of out of home media assets. Wildstone provide high quality roadside media assets that stand the test of time. The company uses next generation LED screen technology for all their installations, delivering digital screens that are high quality, ultra lightweight and slim.

About MEAG
MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €323bn, €56bn of which for non-Group investors. For more information, visit www.meag.com.

MEAG is extending its debt financing in the senior term loan facilities of Kinland’s Nordic pre-school portfolio, together with a consortium of leading European banks and institutional investors. MEAG is thereby fostering its position as the cornerstone debt investor by including, alongside several Munich Re Group entities, a third-party managed account in the extended debt financing totaling NOK 2bn (equivalent to ca. €180m).

Within the transaction parameter, Kinland’s respective portfolio consists of over 170 urban pre-school and care facilities across the Nordics for more than 15,000 children. Kinland leases its properties to care service chains under long-term, inflation-linked contracts. The operators in turn are backed by highly-rated government entities, with the majority of assets located in Norway.

Benjamin Hemming, Head of Infrastructure Debt at MEAG: “We are very pleased to be invested in one of the rare pure-play social infrastructure assets. The provision of essential education services combined with government-backed cashflows makes it a very attractive investment for our clients.“

About Kinland

Kinland is a social infrastructure company providing high-quality properties for government-backed educational and care services. The company, which is supported by PATRIZIA infrastructure, currently owns over 350 properties, providing a safe and quality environment needed for the care of more than 28,000 people across the Nordic region and continental Europe.

Kinland views social infrastructure properties as a cornerstone of the welfare system in the countries in which it operates, promoting work participation, gender equality, equal opportunities, and integration. Through its long-term institutional and pension capital owners, Kinland aim to be a solid and reliable partner to its tenants and the end-users of its properties.

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €323bn, €56bn of which for non-Group investors.

Rock Rail and Infracapital have established a platform for investment in rolling stock for Germany, which will finance a new electric fleet for the Leipzig Central German S-Bahn Network 2025+ (MDSB 2025+). MEAG is acting as sole arranger of the senior debt financing on behalf of Munich Re Group as well as other institutional lenders, reaffirming their commitment to the modernisation of sustainable public transport in Germany.

The fleet comprises 18 Siemens Mireo 4-car trains and will enter service in December 2026. The trains will initially be leased to DB Regio AG, who have won the concession to operate part of the MDSB 2025+ services. The fleet will deliver a step-change in passenger experience and uplift to capacity, which will help support Germany’s growing demand for rail travel and transition away from other, less environmentally friendly modes of transport. The design has been specified to deliver all operational requirements of the network including features that support safe operation through the Leipzig Tunnel; optimised floor level to match different platform heights and operational performance for both S-Bahn services on the core section and regional on the outer sections.

The Siemens Mireo platform operates at up to 25% higher energy efficiency than trains with similar capacities and delivers climate-friendly mobility. The fleet will provide step-free access from a standard 550m platform and is designed with a gap bridging plate and sliding step to accommodate TSI PRM compliant access for all platform heights. The train exterior is marked for wheelchair users and bicycle spaces to facilitate passenger flow at busy stations.

The new EMUs will service the following lines:

• S 4: Torgau – Eilenburg – Taucha – Leipzig Hbf. (lower level) – Oschatz – Riesa
• S 6: Leipzig-Stötteritz – Leipzig Hbf. (lower level) – Leipzig-Messe – Naumburg
• S 10: Schkeuditz – Leipzig Hbf. (upper level)

Maintenance of the fleet will be carried out by DB at DB Regio Werkstatt Halle(Saale) S-Bahn Mitteldeutscheland depot, north of Halle station.

Rock Rail and Infracapital will use its platform to help deliver private infrastructure capital to Germany’s rolling stock market and support the country’s transition to net zero.

Mark Swindell, Chief Executive Officer at Rock Rail, said: “Rock Rail has been working in Germany since 2018 and has strong relationships with all the German regional public authorities, operators and manufacturers. We are delighted to have worked on our second deal in Germany with Infracapital and MEAG to lease Siemens Mireo trains to DB Regio in the beautiful city of Leipzig. We will continue to work very hard with our operator partners to fund more fleets in Germany with Infracapital over the next few years”.

Priya Veerapen, Managing Director at Infracapital, said: “This partnership with Rock Rail will support Infracapital’s mission to invest in infrastructure assets which are key to Europe’s sustainable future. Germany’s liberalised rolling stock market sits at an exciting crossroad as the country seeks to double passenger rail numbers by 2030. We see a strong pipeline in the years ahead as government agendas in the UK and Europe are increasingly focused on delivering improved and cleaner public transport systems for a growing passenger base. We look forward to working with Rock Rail and other stakeholders to drive further growth in the years ahead”.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG, said: “We are very pleased to support Rock Rail and Infracapital by arranging the senior debt financing for the fleet of Siemens Mireo trains to be deployed on the MDSB2025+ network. This underpins our ambition to substantially contribute to the modernisation of sustainable public transport in Germany. The technically advanced features of the new fleet will allow state-of-the-art passenger experience, increased capacity and an improved environmental footprint.“

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €323bn, €56bn of which for non-Group investors.

• Greenfield solar PV project with 180MWp under construction near Estremoz, Portugal
• MEAG acted as sole financing party for the senior debt
• Financing has been structured as a non-recourse bond issuance on Portugal’s primary bond exchange

MEAG has successfully closed the senior financing for the construction of the Santas Solar Plant, one of the largest solar power plants in Portugal. With an installed capacity of 180 MWp, the Santas solar plant is a flagship project, comprising more than 330,000 photovoltaic modules. Expected to play a crucial role in Portugal's commitment to renewable energy, it will provide emission-free clean energy equivalent to the average demand of approximately 78,000 Portuguese citizens.

Portugal's commitment to renewable energy is further emphasized by the government's recent revision of its energy and climate plan for 2030. The green capacity target has been increased by 50% to 42.8 GW, with renewables expected to cover 85% of power generation by 2030. Photovoltaic capacity alone is projected to reach 20.4 GW, a significant increase from the current 2 GW of solar capacity.

MEAG acted as the sole financing party subscribing to a non-recourse project bond settled over Interbolsa. Construction has already commenced, with an expected completion in summer 2024. The project benefits from a feed-in-tariff awarded under the Portugal’s 2019 auction.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: “We are proud to support Akuo in this landmark project by providing a construction and long-term financing solution. We are very glad that our financing will help reaching the ambitious renewable targets of the Portuguese government.”

Eric Scotto, President and co-founder of the Akuo Group: “When we won the auction back in 2019, the entire sector was struck by our audacity. Thanks to an amazing teamwork with our partner MEAG, we can now build this project at the service of Portuguese citizens: a reliable, green and cheap source of energy that will contribute not only to Portugal energy’s objectives but also its energy  independence.“

About AKUO

Akuo is an independent global renewable energy producer and developer. The Group is present cross the entire value: development, financing, construction and operation. As of the end of 2022, Akuo had a total capacity of 1.7 GW in operation or under construction and a total project portfolio of over 20 GW. With more than 450 employees, the Group, which is headquartered in Paris, France, develops projects in more than twenty countries around the world.

For more information, please visit www.akuoenergy.com

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €323bn, €56bn of which for non-Group investors.

• Up to 480 MW of solar photovoltaic assets to be developed near Evora, Portugal
• Project expected to be operational by 2028
• Financing organized as a non-recourse bond issuance on Portugal’s primary bond exchange

Together with the private investment company APL Europe, MEAG has successfully closed a financing transaction for developing one of the largest solar parks in Europe. The financing enables APL Europe to develop up to 480 MW of solar photovoltaic assets, which will produce enough power to supply the energy needs of roughly 225,000 Portuguese citizens. The project is located near Evora, Portugal, and is expected to be operational by 2028.

Peng Zhang, Managing Director of APL Europe: “Securing the financing by MEAG enables us to immediately kick off the development phase. The investment will support our strategy of growing our portfolio especially in the renewables sector. In addition, the project is perfectly in line with the European energy transition and the ultimate target of becoming climate-neutral by 2050.”

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG: “We are proud to support APL Europe in this landmark project. Our financing approach is exceptional in terms of size, structure and focus. It contributes to our ambition to remain at the forefront of financing renewable energy projects and demonstrates our ability to provide tailored financing solutions.”

The financing was organized as a non-recourse bond issuance on Interbolsa, Portugal’s primary bond exchange.

APL Europe has already entered into a Grid Connection Agreement with the local transmission operator Redes Energéticas Nacionais. Over the next year, APL Europe will continue to obtain the necessary permits for the project and secure additional land to increase the size of the project.

About APL Europe GmbH

APL Europe GmbH (“APL Europe”) is a private company that invests in real estate, renewable energy and private equity transactions. It has offices in Munich, Berlin and Luxembourg. APL’s parent company is based in the United States. With more than $ 23 billion of transactions and decades of experience, it has established strong relationships and reputation within its markets. More information: https://aplgroup.com/

About MEAG

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €323bn, €56bn of which for non-Group investors. For more information, visit www.meag.com. 

A consortium, including MEAG, acting for Munich Re Group investors, DigitalBridge Group, acting for affiliated funds, and Infranity, acquired a portfolio of European data centers from Vantage Data Centers, a leading global provider of hyperscale data centers.

The Investment Partnership initially consists of six stabilized data centers in the UK and Germany and is valued at approximately €2.5 billion, including Vantage's stake. The data centers span more than 1.8 million square feet and 177MW of IT capacity and are located in key strategic markets. 

Vantage's management team, led by President and CEO Sureel Choksi, will continue to manage and operate these facilities as part of its global data center portfolio. The additional capital raised from the investor consortium will be used to support the continued growth of Vantage's EMEA data center platform.

“This Investment Partnership provides Vantage with multiple partners with deep expertise in digital infrastructure,” said Choksi. “This transaction provides Vantage with additional capital to continue our expansion in new and existing markets across EMEA, capitalizing on the extraordinary growth opportunities, driving innovation, and delivering state-of-the-art sustainable data centers for our customers.”

Dominik Damaschke, Head of Infrastructure Equity of MEAG, said: “Data centers are the backbone of the increasing digitization of the economy, and we are proud to invest in a portfolio of top-tier hyperscale data centers in Europe. The investment is another milestone in MEAG‘s strategic expansion into digital infrastructure.”

“Infranity has been a prominent investor in digital infrastructure assets in Europe since its business inception with data centers sitting at the heart of the fast and deep digitization of our economies. This partnership with Vantage embodies a shared vision for economic growth and sustainability,” stated Jaime Hector, managing director and co-head of equity team at Infranity. “This investment highlights our unwavering commitment to advancing cutting-edge digital infrastructure, thereby strengthening our resolve to create a more sustainable and interconnected world.”

Citi served as financial advisor, and Linklaters LLP and Loeb & Loeb LLP served as legal advisors to Vantage. Rothschild & Co served as financial advisor to MEAG and Infranity, and DLA Piper UK LLP served as legal advisor to the Investor Consortium.

About Vantage Data Centers
Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands. For more information, visit www.vantage-dc.com.

About DigitalBridge Group, Inc.
DigitalBridge (NYSE: DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages over $70 billion of infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg, and Singapore. For more information, visit: www.digitalbridge.com.

About MEAG
MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €324bn, €56bn of which for non-Group investors. For more information, visit
www.meag.com. Equity investments in infrastructure offer institutional investors a variety of advantages, first and foremost an attractive risk-return profile: the returns to be generated offer natural inflation protection and exhibit long-term predictability. In addition, this asset class has a low correlation to other asset classes and makes a valuable contribution to the diversification of capital investment. Those who also take megatrends such as climate change or digitalization into account strengthen the resilience of their portfolio, can achieve higher returns over the long term at the same level of risk, and contribute to the positive transformation of industry and society.

About Infranity
Infranity is an asset management company specializing in sustainable infrastructure investments based in Paris and London. The company was founded by three partners, Philippe Benaroya, Alban de La Selle and Gilles Lengaigne, as part of a strategic partnership with the Generali Group and manages over €8 billion of assets under management on behalf of institutional investors as of April 4, 2023. The investment solutions deployed by Infranity are based on the resilience of the asset class and its stable returns over the long term, as well as its ability to contribute to sustainable development. They seek to respond to the major challenges facing society, such as the energy transition, green mobility, the digital transition and the improvement of social infrastructure in the health and education sectors. This positioning, combined with a high degree of selectivity in the investment process, enables Infranity to generate sustainable value for its clients. Infranity is part of the Generali Investments’ ecosystem of asset management firms, and a key component of Generali’s capabilities in real assets. For more information, including the company’s sustainability commitments, visit www.infranity.com.

DWS, on behalf of its third institutional pan-European infrastructure fund (PEIF III), and MEAG, the asset manager of Munich Re and ERGO, today announced the joint acquisition of 100% of Weltec Holding GmbH ("Weltec"). The company, based in Vechta, Lower Saxony, is a leading producer of biogas and biomethane in Germany. Financial details of the transaction remain confidential.

Weltec owns and operates five biomethane and four biogas plants across Germany and, under DWS and MEAG’s ownership, plans to invest in significantly increasing biomethane production volumes across its portfolio. These investments include upgrading the four biogas plants to produce biomethane, transitioning the plants’ feedstock mix to sustainable, waste-based sources, in line with circular economy best practices, and installing onsite CO2 liquefaction technology to further reduce Weltec’s carbon footprint.

Thomas Kalthoefer, Senior Principal for Infrastructure Investments at DWS said: "We are pleased to be working with MEAG to further invest in Weltec’s existing portfolio of high-quality assets, against the backdrop of the critical European energy transition to more renewable sources. With this acquisition, we see attractive growth potential via both greenfield and brownfield opportunities, supported by the company's integrated feedstock procurement and logistics business, which provides Weltec with secure and direct access to farmers and raw materials."

Dominik Damaschke, Head of Infrastructure Equity at MEAG said: "We are pleased to invest together with DWS in Weltec, a leading German operator of biogas and biomethane plants. The increasing role of biomethane for the decarbonisation of the transport sector and the transformation of the energy industry ensure a strong long-term demand for biomethane. Accordingly, we expect sustainable attractive returns for our investors in a promising business area."

Jens Albartus, CEO of Weltec said: "With DWS and MEAG, we are pleased to have found strong shareholders that support us on our path of continuous growth. Our strategy of extending and enhancing our portfolio of renewable gas and energy production assets to support the decarbonisation and further strengthen the European energy independence is fully aligned with the investment approach of DWS and MEAG.”

The European biomethane market is currently at an inflection point, with production targeted to grow tenfold by 2030 *, supported by the EU Renewable Energy Directive ("RED") II, the Fit for 55 policy and RePowerEU. Germany is one of the largest and most supportive markets for biomethane, setting more ambitious national policy targets than required by EU directives. Biomethane is one of the most cost-effective and readily available solution for decarbonizing a wide range of industry sectors, both as a direct substitute for natural gas in electricity and heat generation, in the transport sector for LNG/CNG-fuelled vehicles and, increasingly, in the global shipping industry.

* According to REPowerEU plan: https://www.europeanbiogas.eu/commission-announces-groundbreaking-biomethane-target-repowereu-to-cut-dependence-on-russian-gas/  

Notes to the editor:

Supporting European Transformation

DWS believes that Europe will need to make significant investments in the coming decades to transform its economies, reduce external dependencies and build a sustainable industrial landscape if the continent is to secure its current high standard of living and lay the foundations for future prosperity. DWS believes it is uniquely positioned to play an important role in helping to meet the growing demand for private capital and bridging financing gaps in strategically important transformation areas.

MEAG is expanding its offering of private-debt investment funds: The newly issued MEAG Infrastructure Debt Fund III is currently in its subscription phase. Its focus is on senior secured infrastructure debt financings in Europe, primarily in the sectors Transport, Social, Communication, and Energy & Clean Tech, as these sectors are showing strong demand and they offer outstanding long-term investment opportunities.

MEAG Infrastructure Debt Fund III promotes environmental and social characteristics as a binding element of its investment strategy and discloses in accordance with Article 8 SFDR. It is structured in legal terms as an SCSp SICAV-RAIF in Luxemburg, and issued by Hauck & Aufhäuser Fund Services S.A.

The objective of the MEAG Infrastructure Debt Fund III is to generate attractive and stable long-term returns by preserving the invested capital. To do so, the fund issues debt financing to selected infrastructure projects with focus in Europe, many of which have USPs and are of strategic importance; for instance in the energy, health or transport sectors.

Frank Becker, MEAG Managing Director responsible for institutional clients: "Institutional investors continue to seek ways to diversify and fortify their investment portfolios. They also need plannable cashflows to cover their long-term payment obligations. In addition, they want sustainability aspects to be considered transparently as well as increasingly integrated into their portfolios. MEAG Infrastructure Debt Fund III, newly launched in accordance with the disclosure requirements of Article 8 SFDR, aspires to meet these requirements in a particular manner. Furthermore, our investors benefit from our expertise in the asset class “infrastructure” that has already proven its worth in the MEAG Infrastructure Debt Funds I and II."

Thomas Bayerl, MEAG Managing Director in charge of illiquid assets: "The environment on the infrastructure debt market currently offers ideal conditions to us as an experienced active manager: Higher interest rates and illiquidity premiums lead to very attractive coupons, and integrating more megatrends into a portfolio gives it additional resilience and more investment options. And by structuring deals prudently, attractive risk/return profiles can be achieved, even in this market environment."

All projects designated for a potential investment are subjected to a full due diligence process before the investment decision is made, including an extensive technical assessment taking economic and ESG aspects into account. MEAG partners closely with the experts at Munich Re here, making the best use of their incomparable know-how.

The new fund is based on the proven and tested investment process already used by the MEAG Infrastructure Debt Funds I and II, which were launched in 2019 and 2021 respectively. Both of these funds succeeded in surpassing their targeted investment volumes, gathering almost €1.7 billion from institutional investors.

MEAG is the asset manager of Munich Re Group, and it also offers its singular and vast know-how to institutional and private investors from outside the company group. MEAG currently manages assets to the value of around €324 billion, €56 billion of which for non-Group customers.

MEAG acting on behalf of a special real estate fund designed for institutional investors acquires all the shares of AGRE Office Invest II holding the prestigious City Center building from AG Real Estate acting on behalf of AG Insurance.

"This property ideally meets our criteria for an outstanding location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation. In addition, this object also scores in terms of ESG performance, a key value driver for us. Core properties prove to be extremely resilient and stable in value at all times. For us, anti-cyclical investing is the order of the day”, says Katrin Hupfauer, MEAG’s Head of Real Estate Transactions.

City Center is a modern office building located in the heart of Brussels with an area of approximately 31,000 m² spread over eight floors (ground floor plus seven floors), as well as two floors in the basement. The current tenants are renowned entities including Citydev.Brussels, International Trade Union, the Wallonia-Brussels Community and H&M. The average term of the remaining leases is seven years, demonstrating tenants' confidence in this strategic address.

Ideally located on the Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres, with its north façade overlooking Place Rogier, this building occupies an exceptional position in Brussels. It enjoys remarkable accessibility thanks to its excellent transport links, including the Rogier metro, Gare du Nord and nearby bus routes. In addition, its immediate connectivity with City2 offers it an environment conducive to business development and employee well-being.

Built in 2001 by the Atelier d'Art Urbain, the City Center building has recently benefited from major renovations undertaken between 2020 and 2022. These included the restoration of the roof and entrance hall and façade, while finely preserving the elegance of the original Art Deco façade. The building proudly displays BREEAM In Use Excellent certification, demonstrating its commitment to high standards of sustainability. City Center is also equipped with 287 solar panels, contributing to the production of green electricity and the optimization of energy consumption.

The transaction was carried out under the dome of BNP Paribas, in collaboration with the firms Loyens & Loeff and PwC as buyer advisors, as well as the law firm Linklaters representing the seller.

MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 310bn, € 56bn of which is for non-Group investors.

DALLAS – May 11, 2023 – MEAG, Munich Re’s asset manager, in cooperation with CBRE Investment Management, has acquired The Laurel Preston Hollow, a 159-unit residential property located at 8600 Preston Road in Dallas, Texas, on behalf of Munich Re Group.

The Laurel Preston Hollow is a Class A, podium-style apartment property comprised of one-, two- and three-bedroom units that feature high-end finishes including granite countertops, stainless steel appliances, 10-foot ceilings, designer cabinets, under-cabinet lighting, wine refrigerators and washer/dryers in-unit. Residents also have access to various community amenities including a resort-style pool, a clubhouse, 24-hour fitness center, dog park, multiple courtyard spaces, a business center with conference room, EV charging stations and 268 reserved garage parking spaces.

“Acquiring this property fits within our strategy of investing in difficult-to-replicate residential assets located in growing infill markets with strong employment and demographic trends,” said Ben Green, Managing Director, Residential Transactions for CBRE Investment Management. “We believe that this asset’s high-end, unique finishes and location within one of the most sought-after areas in Dallas will provide long-term value for the residents and also our client.”

"Dallas is an exciting city and has established itself as one of the fastest growing business centers in the U.S.," said Volker Zinkl, MEAG’s Head of International Asset Management. “We believe in the city’s long-term success story and are excited to complete a transaction in this unique neighborhood.”  

The Laurel Preston Hollow is located within Preston Hollow, considered one of the most desirable neighborhoods in Dallas. The property is adjacent to The Plaza at Preston Center, a 3 million-square-foot mixed-use development featuring offices, high-end retail and restaurants. The property has easy access to the Dallas North Tollway and I-75, placing it within eight miles of the Dallas central business district.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $148.9 billion in assets under management* as of March 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About MEAG 

MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 307bn, € 55bn of which is for non-Group investors.

Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, has reached an agreement to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion.

Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline. Headquartered near Toulouse, Reden Solar has an established presence in France and Spain as core markets, and has recently expanded its footprint into Greece and Italy.

Thierry Carcel, Chief Executive Officer of Reden Solar, said “We are delighted to have Macquarie, BCI and MEAG support the next phase of our growth ambitions. Our business is continually evolving from predominantly rooftop solar, into ground mounted and agrivoltaic projects. With the backing of our new shareholders, we look forward to expanding Reden Solar’s presence in existing and new markets, as well as developing our teams on the ground.”

Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe. Their management team has a proven track record of developing projects in core as well as new European markets. We are excited to support them over the long-term as they build out their business and maximise their contributions towards the low-carbon transition.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure and Renewable Resources at BCI, said “We look forward to partnering with the management team and staff of Reden Solar in the continued growth and development of the company. In the context of stronger national climate policies and clean energy goals, we believe Reden Solar is well-positioned to continue providing market leadership in the development and operation of solar energy and contributing to global energy transition aspirations.”

Holger Kerzel, Board of Management, MEAG “This project fulfills our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in renewable energy. With this investment, we will support the future growth of one of Europe’s leading independent power producers covering the entire value chain of photovoltaic energy production. We are very pleased about this transaction and look forward to a successful partnership with Macquarie, BCI and Reden Solar.”

Macquarie Asset Management’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar represents MGREF2’s fourth investment, having recently completed the acquisition of Apex Energies Group in France.

Macquarie Group is a leading global renewables developer having invested or arranged around €40 billion in green energy since 2010, and with more than 50 GW of green energy projects in development, construction and operation worldwide.

The transaction is expected to reach completion by Q3 2022.

As of 1 July 2023, Alexander Röhrs (47) will be joining MEAG's management board as Head of Public Markets. Alexander Röhrs has been at the company since 2006, currently in the capacity of President MEAG New York. He will be returning to Munich with his family for this new position.

Also from 1 July 2023, Katja Lammert (50), Chief Administration Officer at MEAG since 2021, will be taking over as Chief Investment Officer Alternative Assets. In an initial transition phase, she will share the position with the incumbent Michael Bös (64), who is retiring at the end of the year.

Antonia Jobke (36) will succeed Katja Lammert as Chief Administration Officer, joining the MEAG management board as from 1 July 2023. Since 2021, she has been responsible for the implementation of the MEAG2025 transformation program as Head of Strategy & Transformation at MEAG.

Holger Kerzel (58) will be handing over his position on the management board to Thomas Bayerl (45) as of 1 April 2023, with Bayerl being appointed Global Head Illiquid Assets. Holger Kerzel will remain responsible for the Public Markets division at MEAG KAG until 30 June 2023. Thomas Bayerl has worked at MEAG since 2008 and is currently Head of Illiquid Assets Debt and Renewable Energy Equity.

Also taking effect from 1 April 2023, Stefan Haas (51) will be assuming responsibility for MEAG's worldwide real estate activities as Global Head of Real Estate. Haas has been at MEAG since 2006 and currently holds the position of Head of Real Estate Asset Management. He will be taking over from Hans-Joachim Barkmann (62).

MEAG CEO Andree Moschner: "The new appointments represent outstanding additions to the MEAG management board. They bring with them everything that is needed to be successful company executives in close collaboration with their colleagues, and to leverage the full potential in their respective business units. I am particularly happy that we were able to fill all these management positions from within our own ranks. That goes to show how strong MEAG is. Alexander Röhrs, Katja Lammert, Antonia Jobke, Thomas Bayerl and Stefan Haas will bring new perspectives to their fields of responsibility and achieve important milestones on our path to MEAG2025. I really look forward to working together with the new management team."

"At this point I would like to express my gratitude to Hans-Joachim Barkmann and Holger Kerzel for their commitment and the great accomplishments they have helped to achieve at MEAG", Andree Moschner continues. "Hans-Joachim Barkmann has successfully headed and furthered the Real Estate unit for many years. Holger Kerzel has been responsible for our investments in illiquid assets around the globe since 2012. He set the business unit up on a strong foundation, consolidating and furthering it decisively and very effectively. Both have made key contributions to the success of our company. I thank them for their excellent work and wish them all the best for their respective futures."

MEAG is the asset manager of Munich Re Group. With branches in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 307bn, € 55bn of which for non-Group investors.

London – Generali Real Estate S.p.A and MEAG announce the closing of a co-investment agreement whereby MEAG (on behalf of Munich Re) has acquired 50% of the shares in the special purpose vehicle (spv) owner of Fen Court, an iconic office building located at 120 Fenchurch Street, London EC3.
The Generali Group will continue to hold 50% in the same vehicle, which is invested by Generali Group companies, and Generali Real Estate will continue to act as asset manager.

Munich Re will be both a co-investor alongside the Generali Group, and an occupier of Fen Court, with two floors (2nd and 3rd floor) of the property becoming its new London headquarters. Starting later this year, Munich Re aims to centralize all its London staff into a single, central location in the new flagship asset.

Fen Court is an iconic, landmark, 440,000 sq ft (40,500 sqm) development designed by Eric Parry Architects which was completed by Generali Real Estate in 2018. The property, located in the heart of the City of London, is configured over 14 upper floors with excellent natural light and large open plan floorplates. The ground floor level houses six retail units, and the office spaces host the headquarters of high-profile tenants such as M&G and Newline Underwriting. The top floors benefit from an award-winning public roof garden and a restaurant offering panoramic views of the City.
Fen Court has also achieved strong environmental credentials such as BREEAM In Use Excellent and EPC B rating.

Nicholas Gartside, CIO and Member of the Munich Re Board said: “I am delighted to offer our London colleagues a new home, with wonderful working spaces in such a fantastic location, whilst securing one of the most prominent London properties for the Munich Re's asset portfolio. Our new London home will serve as a platform for further profitable growth in the UK insurance market in challenging times.”
Aldo Mazzocco, CEO at Generali Real Estate S.p.A. and Head of Private Markets & Real Assets at Generali Asset & Wealth Management, commented: “We continue our practice of sharing 50% of the ownership of high-quality buildings in major European cities with primary international co-investors. This partnership involves an iconic skyscraper in the heart of the financial district in London, representing a perfect example of our commitment to advancing sustainability standards in the real estate sector, and of our consolidated experience in real estate investment management at European level. It’s a great satisfaction to get Munich Re as a co-investor and tenant in such a beautiful building.”

JLL and Mayer Brown advised Generali Real Estate. Cushman & Wakefield and CMS acted for Munich Re.
 

MEAG has acquired more than 38,000 hectares of productive pine forests in the U.S. state of Arkansas on behalf of its clients for a triple-digit million US-Dollar amount in an off-market transaction. The total area is larger than that of the city of Munich. The investment is part of a targeted strategy to increase MEAG's clients' long-term exposure to forestry in U.S.A. By focusing on professionally managed large-scale investments in selected regions, MEAG can offer its clients targeted access to opportunities with attractive return prospects.

Holger Kerzel, Member of MEAG’s Board and Global Head Illiquid Assets, explains: "With this transaction, we are significantly increasing our clients' exposure to forestry. These Investments are an integral part of our alternative investment strategy to further diversify our clients' portfolios. Forestry investments are ideal for investors with a long-term investment approach seeking inflation-protected returns, attractive cash flows and low correlation with other asset classes. In addition, we believe that sustainably managed forests play an important role in mitigating climate change and should therefore be part of any portfolio held by institutional investors with an interest in sustainability. Given the great success of the forestry investment program for Munich Re Group, we have decided to offer our market access to external investors of Munich Re Group as well."

MEAG continues to increase its focus on alternative investments that offer attractive risk-adjusted returns over long periods of time. Alongside the asset classes of real estate, infrastructure, private equity and agriculture, forestry is an integral part of MEAG's global alternative investment strategy. MEAG has developed unique expertise not only in forestry and related financial aspects, but increasingly also in sustainable management practices, leveraging Munich Re's outstanding expertise in assessing natural risks and potential climate change impacts. At MEAG, all these aspects are an integral part of the due diligence process and ongoing management considerations.

MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 305bn, € 55bn of which is for non-Group investors.

• Acquisition of Liberty Warehouse Advised by CBRE Investment Management

MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse in downtown Durham, N.C., on behalf of Munich Re Group.

The 247-unit Class A mid-rise residential property is located at 530 Foster Street. Embedded in Raleigh/Durham’s Technology/Life Science corridor near three top universities – Duke, the University of North Carolina at Chapel Hill and North Carolina State University – the property includes 20,700 square feet of fully leased ground floor retail and is in walking distance to major employers and Durham’s entertainment district.

This investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market.

“Located in the heart of downtown Durham, Liberty Warehouse is a strategic addition to Munich Re’s growing U.S. residential portfolio,” said Volker Zinkl, MEAG’s Head of Real Estate Asset Management International, “We believe in the long-term outperformance of prime, well-located, urban assets in walkable neighborhoods to foster a work / life environment that will continue to attract talent and growth.”

The state-of-the-art, amenity-rich building offers such high-end finishes as stainless steel appliances, smart thermostats, in-unit washers and dryers, as well as natural quartz or granite countertops and 10- to 14-foot ceilings in select units. Community amenities include a 24-hour fitness center, saltwater swimming pool, tenant lounge and club room, pet run and pet spa, EV charging stations and 376 parking spaces.

“Raleigh Durham has transformed into an attractive new economy hub,” said Jeff Torto, Portfolio Manager, CBRE Investment Management, “With the market’s established educational infrastructure, growing life science ecosystem and influx of STEM talent, we expect it to be an outperforming market.”

The property is LEED certified for Building Design and Construction and will continue to be managed by Greystar Property Management.

About MEAG

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 305bn, € 55bn of which is for non-Group investors.
 

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

MEAG is the exclusive arranger of the entire senior debt financing for the procurement and long-term operation of a fleet of 29 new regional passenger trains for the "Kinzigtal" rail network in the Federal State of Hesse. The sponsor DIF Capital Partners (“DIF”) will be investing via its DIF Infrastructure VI fund and will act as the lessor of the new fleet in cooperation with the rail asset manager Northrail. Investors from Munich Re Group, and other institutional investors, including the MEAG Infrastructure Debt Fund II, are participating in the financing arranged by MEAG.

This transaction encompasses a sale and lease-back of 29 modern multiple train units based on the Coradia Stream High Capacity platform from Alstom. The fleet consists of 23 4-car, one 5-car, and five 6-car units. The trains will enter service at the end of 2025 and will initially be leased to DB Regio for 15 years. On behalf of the Rhein-Main-Verkehrsverbund (RMV) and the Nordhessischer VerkehrsVerbund (NVV), DB Regio will operate the new vehicles on the "Kinzigtal" rail network section between Frankfurt (Main) Hbf, Hanau, Fulda, and Bebra. The trains will be manufactured at Alstom's Salzgitter plant in Germany.

Benjamin Hemming, Head of Infrastructure Debt at MEAG, says: "We are very pleased to make another important contribution to the modernisation of public transport in Germany with our exclusive debt arrangement for the Kinzigtal network. The new trains which will operate on the line will not only make commuting by train more convenient but will also contribute to reducing emissions. With this innovative private placement we enable our institutional clients to participate in a long-term and sustainable financing at attractive terms."

MEAG is the asset manager of Munich Re and ERGO, and it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 309bn, € 57bn of which for non-Group investors.

Asset manager announces five leases at 320 Park Avenue following $40M renovation

MEAG, the asset management arm of Munich Re, has announced the completion of approximately 250,000 square feet of office leases in a series of transactions at the recently repositioned office tower at 320 Park Avenue in New York City.

The transactions bring the 766,000 square foot Midtown skyscraper to almost full occupancy and brought the stabilized building cash flow to a 12+ year WALT less than one year after MEAG took over management as part of a new partnership with Munich Re and the property’s long-time owner, Mutual of America Financial Group.

Stefan Haas, MEAG’s Head of Real Estate Asset Management, commented, “In less than one year since we became part of this powerful partnership, we have seen positive results that reflect our commitment to transformative asset management during a challenging time in the New York office market. We are delighted to announce this recent leasing success and we are thankful to our tenants for their commitment to the building.”

In the first of the new lease transactions, financial services company Raymond James added 35,300 square feet to its previously announced lease and will now occupy a total of 170,000 square feet on five floors of the building. Private equity fund, Audax Group, has signed a 13-year renewal and expanded by 30,000 square feet to occupy a total of 50,000 square feet of office space on three floors of 320 Park Ave.

Long-time tenant, Pzena Investment Management, signed a 14-year renewal and added 37,000 square feet of space to occupy a total of 74,000 square feet.

Permira Advisers renewed for 14 years and expanded by 15,000 square feet for a total of 30,000 square feet.

In addition, Ladder Capital Corp., a commercial real estate investment trust with $5.8 billion of assets, will relocate from 345 Park Ave to a 25,000 square feet headquarters office space at 320 Park Ave. A JLL team led by vice chairmen Frank Doyle and David Kleiner serves as the exclusive leasing agent for the property and represented ownership in all of the transactions.

Haas commented, “Our recent leasing success reaffirms 320 Park Avenue’s position as a sought-after location among leading employers that recognize the critical role of the office in the post-COVID environment. The US real estate market continues to offer attractive risk-adjusted returns compared to Europe and our unique partnership with Munich Re and Mutual of America Financial Group positions this property for continued long-term success.”

The property’s ownership recently completed a $40 million renovation of 320 Park Ave. that included an upgraded lobby and café, second floor grill, a private building restaurant and conference center, and an outdoor 16th floor terrace overlooking Park Avenue, which opened earlier this year. 320 Park Avenue will also open a fitness club at the beginning of October.

Situated within the rezoned Midtown East, 320 Park Ave. is a 35-story LEED Gold certified property with easy access to public transportation and surrounded by a plethora of highend stores and dining venues. Asking rents range from $100-$125 per square foot on lower floors to $160 in the tower portion.

About MEAG
MEAG is the asset manager of Munich Re and ERGO, and it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 309bn, € 57bn of which for non- Group investors. To find out more please visit meag.com

About Mutual of America
The Mutual of America Financial Group, also referred to as Mutual of America, is a Fortune 1000 mutual company based in Manhattan, New York City. To learn more, please visit: mutualofamerica.com.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

The acquisition was made through a share deal for a special real estate fund in which Munich Re Group investors are invested. The seller of the property is the Belgian project developer REDET.

"78-79 Boulevard Poincaré" is located at the Midi train station in the Brussels South district and comprises office space of approximately 6,788 m² over six floors and 87 parking spaces. The building is fully leased on a long-term basis at two tenants. As part of an extensive restructuring, the fit-out will be completed by the end of the year for the main tenant VEOLIA, which will move into its space in January 2023. The second tenant VK Engineering has already moved into the building in May 2021.

Gwenola Porschberger, Acquisitions Manager Real Estate for Belgium and France at MEAG: "After we were able to secure a very high-quality restructured office building in a central and further up-and-coming location of Brussels on an off-market basis, we successfully implemented the purchase within a few weeks. The property "78-79 Boulevard Poincaré" optimally fill-up the existing fund portfolio with a view to the pension/risk perspective and offers the investor long-term stable cash flows to cover its liabilities from the core business."

MEAG was advised by BNP Paribas Real Estate and by law firm Loyens & Loeff. The seller was advised by Belsquare and Allen & Overy (legal).

MEAG is the asset manager of Munich Re and ERGO, and it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around € 309bn, € 57bn of which for non-Group investors.

MEAG, the asset manager of Munich Re Group, has launched a new European core office property fund. The fund focuses on high-quality office properties in prime locations in Europe's top venues. Munich Re and MAPFRE, the globally active Spanish insurance company, are partnering as seed investors for the fund. They are contributing to the initial asset portfolio with existing core properties they are holding in Germany and Spain respectively.

These joint efforts by Munich Re and MAPFRE are underlining the well-established partnership between them. Both insurance groups have been successfully working together for many years. Hence, expanding the scope of their strategic partnership around this new fund in the asset management area is the logical next step.

Nicholas Gartside, CIO and Member of the Board of Management of Munich Re: "I am delighted that with this collaboration, we are able to extend and deepen our relationship with our insurance partner of many years standing, MAPFRE, to now also encompass asset management. It is strategically important for Munich Re to enrich our interlocked business model with asset management activities, and to offer value-adding services to our clients."

Fernando Mata, MAPFRE CFO and a member of the Board: "In recent years we have diversified our portfolio with alternative funds as a result of the very low rate environment. And we have always done so with the best partners. That is why we are proud to embark on this new alliance with Munich Re, a partner we have been working with for so many years, now in the real estate sector."

The fund considers environmental and social aspects as an integral part of its investment strategy. It complies with the requirements of Article 8 of the SFDR as a sustainable investment solution – with a focus on decarbonisation through higher energy efficiency and lower carbon footprints, in line with the Paris Agreement. This further emphasizes the sustainability ambitions of Munich Re, MEAG and MAPFRE, and caters to the ever-growing demand for sustainable investment solutions in the institutional segment.

Frank Becker, MEAG Managing Director responsible for institutional clients: "Over the last years, we have successfully grown our footprint in the institutional investor segment as the partner of choice, and we continue to do so. This is the case for traditional asset classes as well as real assets, as we provide holistic and tailor-made solutions in both segments. High-quality, well-diversified office property investments continue to be an important building block in institutional portfolios. During the pandemic, attractive office properties in central locations have proven again to be a potential source of steady income. Therefore, we are happy to add to our range of investment solutions with a new property fund supporting our clients’ needs.”

Following the initial phase, the fund will purchase further European office properties across Europe to build a pan-European portfolio. The fund volume is intended to reach around €500m by 2023. In 2024, the fund shall be open for investments by other institutional investors from Germany and Europe, underlining MEAG’s ambitions to further expand their business in the institutional clients segment. This shall grow the fund to €1bn by 2025.

Contact MAFRE: Daniel Badia Gonzalez, +34 91 58163 51, dbadiag@mapfre.com
Contact MEAG: Dr. Josef Wild, +49 89 2489 2072, jwild@meag.com

MAPFRE is a global insurance company. It is the benchmark insurer in the Spanish market and the largest Spanish multinational insurance group in the world. The number one Non-Life insurance group in Latin America and the sixth in Europe by Non-Life premium volume. MAPFRE employs almost 32,500 professionals and in 2021, the company’s revenues totaled almost 27.3 billion euros, with net earnings of 765 million euros (+45.3%).

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America and offers its extensive know-how to institutional investors and private clients. MEAG currently manages assets to the value of around €344bn, €66bn of which for institutional investors and private clients.

Bloomberg today announced the launch a new EU Women in Finance initiative to promote greater gender diversity, inspire and empower the next generation of women to pursue and advance careers in finance. The initiative, launched at the Bloomberg Equality Summit, aims to open up and demystify the world of financial markets to young women. It is the first pan-EU programme offering dedicated training on capital markets alongside the opportunity to learn from inspirational female leaders shaping the future of financial services in the EU.

In collaboration with Junior Achievement Europe – Europe’s largest non-profit dedicated to preparing young people for employment and entrepreneurship – the initiative will offer high-school students in six EU countries an introduction to financial markets using a bespoke curriculum developed by Bloomberg. Participants will also have a unique and valuable opportunity to learn from senior leaders in the finance
ecosystem across the private and public sector, including banking executives, investors, political decisionmakers, central bankers, civil servants and regulators. In 2022, the initiative aims to reach 300 students
across Belgium, France, Germany, the Netherlands, Italy and Spain.

Bloomberg’s long-standing commitment to promoting an inclusive global economy is in line with the European Commission’s objectives in its Gender Equality Strategy 2020-2025, and the goal of making the
world of finance more accessible to women and other under-represented groups. This initiative specifically supports the EC strategy of promoting vocational education and training as a means to
promote equality of opportunities.

Bloomberg’s Chairman Peter T. Grauer said: “While data shows that more and more women are entering careers in finance, women remain dramatically underrepresented in senior leadership positions across
the industry. They say, “You can’t be what you can’t see”. By offering access to some of the leading voices shaping finance across the EU, the Bloomberg EU Women in Finance initiative will not only
encourage more young women to participate in the industry, but to aspire to be the future finance leaders of tomorrow.”

Ambassadors include:

• Ana Botín, Executive Chairman, Grupo Santander
• Nadia Calviño, First Vice-President of Spain, Minister for Economy and Digitalisation
• Elena Carletti, Professor of Finance, Bocconi University, Member of the Board of Directors and Chair of the Internal Control and Risk Committee, Unicredit Spa.
• Natasha Cazenave, Executive Director, ESMA
• Olivia Grégoire, Secretary of State for the social economy, French Government
• Petra Hielkema, Chairperson, EIOPA
• Katja Lammert, Member of the Board of Management, MEAG
• Virginie Maisonneuve, Global CIO Equities, Managing Director, Allianz Global Investors
• Dr. Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank
• Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital
• Markets Union, European Commission
• Bettina Orlopp, CFO, Commerzbank
• Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European Parliament
• Anneka Treon, Managing Director, Head of Competence Center, Van Lanschot Kempen
• Fannie Wurtz, Head of Distribution & Wealth Division, Passive & Alternative business lines, Amundi

Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, said: “While there has been a visible increase in the number of women in leadership roles in finance in recent years, much work remains. Finance, particularly at management level, remains a male dominated world. This is not just about women in top jobs; we must do more to encourage women to consider finance as a career, and support women at all levels in the sector. Today’s initiative is a really positive step in ensuring a greater diversity in finance for the ultimate benefit of the sector.”

Ana Botin, Santander Executive Chair, said: “I long for the day when we no longer need a Women in Finance initiative. We’ve made a lot of progress in helping more women get up and get on in finance, but there’s still much more to do. Inspiring more wone to choose a career in finance is critical, as well as supporting better work life balance, encouraging women back to work after they have had children, and exhorting women to apply for promotions. These are just some of the things we can still do better at. Until
we make further progress, I will do all I can to support initiatives like this.”

JA Europe CEO Salvatore Nigro praised the new partnership and said: “Talent is universal, but opportunities are not. Initiatives such as EU Women in Finance show young girls that there is no limit to their dreams and ambition, that all sectors and positions are accessible to them. Thanks to this new initiative with Bloomberg, we are creating a more diverse future of work and a more equitable society”.

Bloomberg has partnered with 2022 Nobel Peace Prize nominated NGO Junior Achievement since 1997 with over 330 employees dedicating their time and talents to support their work in 2021 alone. The EU Women in Finance initiative forms part of Bloomberg’s global Corporate Philanthropy program working with a network of non-profit partners to ensure more individuals from underserved communities have the relevant skills and experience for employment and entrepreneurship; supporting global efforts to make the world’s economy fairer and more inclusive for all. Find out more here.

Please find more information on the website of the initiative.

About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The
company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the
company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information,
visit Bloomberg.com/company or request a demo.

About Junior Achievement 
JA Europe is the largest organisation in Europe dedicated to preparing young people for employment and entrepreneurship. JA Europe is a member of JA Worldwide® which for 100 years has delivered hands on, experiential learning in entrepreneurship, work readiness and financial literacy. JA creates pathways for employability, job creation and financial success. Together we work in 41 countries in Europe, offering million learning experiences every year in core programmes and inspiring millions more through online events and activities.

For more information, visit jaeurope.org 

Quotes from Ambassadors
Ana Botin, Executive Chairman, Grupo Santander
“I long for the day when we no longer need a Women in Finance initiative. We’ve made a lot of progress in helping more women get up and get on in finance, but there’s still much more to do. Inspiring more women to choose a career in finance is critical, as well as supporting better work life balance, encouraging women back to work after they have had children, and exhorting women to apply for promotions. These are just some of the things we can still do better at. Until we make further progress, I will do all I can to support initiatives like this.”

Nadia Calviño, First Vice-President of Spain, Minister for Economy and Digitalisation
“Women need to be at the table where important decisions are taken, be it in politics, media, top management or boards of leading companies and also finance. It is not only a matter of fairness but of economic rationale. Diversity leads to better decisions, we need to make the most of the skills and talent of 50 % of the population and closing the gender gap leads to higher growth. We have made great progress but there is still much to be done and we cannot wait 125 years to reach equality; we need to do something now and public policies are effective to close the gender gap and accelerate gender equality”. “I would say to young girls to be self-assured. Do not let yourself down because your remarks were not considered at first. Keep on speaking up and aim for your personal goals”.

Elena Carletti, Professor of Finance, Bocconi University, Member of the Board of Directors and Chair of the Internal Control and Risk Committee, Unicredit Spa. The recent improvements in career advancement and leadership positions for women in finance have
halted due to the pandemic, hindering an already slow process towards gender parity in boards as well as
in executive positions. However, this crisis has given us the opportunity to rethink the workplace using
hybrid work models and to propose strategies to boost women’s career growth opportunities at all
corporate levels.

Natasha Cazenave, Executive Director, ESMA
“At ESMA we believe in equal opportunities and are keen to support further progress in the area of gender balance and diversity. I look forward to contributing through the Bloomberg EU Women in Finance initiative to raising awareness amongst young women of career opportunities in the financial sector and to reinforcing the role of women as leaders in finance.”

Olivia Grégoire, Secretary of State for the social economy, French Government
“It is an honor for me to be an ambassador for the ambitious EU Women in Finance initiative led by Bloomberg. Positive role models are key to succeed in unleashing women’s potential, and I’m proud to be involved into this great movement to motivate these incredible talents and participate in a more inclusive global finance world. I’m a strong believer that impact is the new age of capitalism, and this revolution will not be held properly if we leave apart one half of the population.”

Petra Hielkema, Chairperson, EIOPA
“We need gender balance across all levels of the organisation. This means not only encouraging young women into the sector, but nurturing them so they stay in the sector. The varied career paths showcased through this initiative will help to inspire the next generation to build their career in finance.”

Katja Lammert, Member of the Board of Management, MEAG
“It is a great pleasure to become an ambassador for EU Women in Finance, as the initiative is committed to a cause that I am very passionate about: Empowering young women, promoting their education, and inspiring them to pursue a career in finance.”

Diony Lebot, Deputy Chief Executive Officer, Société Générale
“I am both delighted and honoured to become an Ambassador for the Bloomberg EU Women in Finance initiative. This initiative will contribute to break the “mental barriers” which often prevent young girls from joining the industry. The financial sector needs them: they have all the capabilities and I hope they will have the desire to make a positive impact by having meaningful careers, leading change at a time when can play a significant role towards a more sustainable and inclusive world. There is still a long
way to go!”

Virginie Maisonneuve, Global CIO Equities, Managing Director, Allianz Global Investors
Taking ownership to promote gender diversity and inclusion in the financial industry with pragmatic initiatives is critical to its sustainability and future success. By giving access to practical information and financial stakeholders this program promises great impact.

Dr. Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank
“I firmly believe that bringing more women into finance delivers tangible benefits across the industry, I encourage young women everywhere to be part of a new generation of leaders who is turning finance into a driving force for sustainability.”

Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital
Markets Union, European Commission
“While there has been a visible increase in the number of women in leadership roles in finance in recent years, much work remains. Finance, particularly at management level, remains a male dominated world. This is not just about women in top jobs; we must do more to encourage women to consider finance as a career, and support women at all levels in the sector. Today’s initiative is a really positive step in ensuring a greater diversity in finance for the ultimate benefit of the sector.”

Bettina Orlopp, CFO, Commerzbank
“I very much welcome Bloomberg’s initiative to encourage more women to pursue careers in finance. We know that diverse teams usually make better decisions. This benefits our employees and our customers. Commerzbank has been investing in Diversity & Inclusion for many years in order to reflect the diversity of our society in our processes, products and solutions and, above all, at all management levels. That is why we have set ourselves the goal of increasing the proportion of women in management positions at our Bank to 40 % by 2030 and continuing to be “best in class” in all aspects of diversity.”

Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European Parliament
“For decades, society has attached a strong stigma on women dealing with money. And even today, in many subtle ways, many parts of society keep telling women that earning, investing and managing money it is men’s work. We need to remove that stigma. Encourage more women to pursue economics and finance studies and careers, promote a continuous debate and remove all the obstacles.”

Anneka Treon, Managing Director, Head of Competence Center, Van Lanschot Kempen
“Women have been encouraged to lean in. But the real work only starts after you’ve leant in. That’s the moment you’re expected to deliver. We need to invest in building the conviction that women have about what they can bring to the table. This conviction is what provides the confidence to lean in.”

“I am honored to be an Ambassador for the Bloomberg EU Women in Finance initiative. At Amundi, we
firmly believe in equal opportunities and I am convinced women should be daring and aspire to the top in
their careers. Thank you Bloomberg and JA Europe!”

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The SPV acquired from the Swedish wind park developer OX2 and local Polish developers in 2020. OX2 has since then completed construction on the Żary wind park in the south-west of Poland, which started production after obtaining a licence. This is MEAG's first wind park in Poland. MEAG was involved in the construction project from the first breaking of ground to the facility's successful commissioning.

The wind park comprises seven wind turbines with an installed output of 21 MW, and it is expected to generate 66 GWh of clean energy a year. This equates to the electricity consumption of around 13,000 households (5,000 kWh/household). Three of the turbines are located in the village of Drożków, and four are in Lubanice. Nordex N117 / 3000 wind turbines have a hub height of 120 metres and a total height of approximately 180 metres.

In the 2018 public auction, the project secured a 15-year government support deal in the form of a Contract for Difference (CfD). With this kind of assistance, the state evens out any price difference between the market reference price and the CfD price obtained.

Holger Kerzel, MEAG Managing Director and Global Head of Illiquid Assets: "We want to thank OX2 for its help and are happy to be making a contribution to Poland's transition to renewable energy sources for its electricity. With the power generated by the Żary wind park, we can save 750,000 tonnes of CO2 by 2050 compared to the country's current energy mix. This project sets high standards for sustainable and commercially successful investments."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

• MEAG, the asset manager of Munich Re and ERGO, is financing projects to reduce energy consumption in the building sector through the Solas Sustainable Energy Fund ICAV (SSEF), a fund advised by Solas Capital AG.
• The investment is made through bonds, which provide regular distributions.
• The SSEF is supported by the Irish Sovereign Wealth Fund (ISIF) as well as the European Investment Bank (EIB) and the European Commission, which provide a project-level default guarantee through the Life programme.

Munich/Zurich, 2 March 2022. - The Solas Sustainable Energy Fund ICAV (SSEF), an EU-focused fund targeting energy efficiency investments, has secured a significant institutional investor in MEAG, the asset manager of Munich Re and ERGO. MEAG will contribute a substantial amount to the SSEF on behalf of the Munich Re Group and other institutional investors. The funds will be used to implement energy-saving measures in the building sector.

MEAG’s investment in the SSEF enables them to make bundled investments in comparatively small-scale energy efficiency projects. This is otherwise difficult for larger institutional investors, such as insurance companies, pension funds or provident funds. The fund is advised by Solas Capital AG, an investment advisor specializing in the energy efficiency sector. Solas Capital is working with a wide range of energy service companies, project developers, equipment manufacturers and public institutions in the EU to help them access tailored financing and to enable energy efficiency investment.

Solas Capital has structured a bond purchase program for MEAG's participation in the SSEF. This ensures a regular flow of payments, which is important for insurance companies and similarly structured investors, as they place a high priority on predictable repayments from their capital investments.

Other anchor investors include the Ireland Strategic Investment Fund (ISIF) and the European Investment Bank (EIB). As one of the largest providers of climate finance, the EIB supports projects that contribute to the EU's climate goals. SSEF also benefits from the Private Finance for Energy Efficiency (PF4EE) support programme, a joint initiative of the European Commission and the EIB. One of the goals of PF4EE is to encourage private institutional investors, such as insurers and pension funds, to invest in European energy efficiency infrastructure projects. The project guarantees associated with this programme enable even risk-averse investors to enter this sector.

The SSEF will provide funding for energy-saving business models that focus on renovating existing infrastructure, especially buildings, with proven and reliable energy-efficient technologies such as heating and cooling systems, combined heat and power, rooftop solar, building materials and LED lighting. The fund will support projects in both the public and private sectors, including the SME sector, which can be more difficult to finance due to its smaller scale. Given the EU's ambitious climate goals, this market offers high growth rates for a long time to come.

Holger Kerzel, Managing Director and Global Head of Illiquid Assets at MEAG, says: "In the current low interest rate environment, this fund allows institutional investors to participate in an innovative and promising sector alongside Munich Re. The PF4EE programme of the EU and the EIB makes a significant contribution to achieving risk-adjusted returns above those of corresponding bonds in the long term. At the same time, the fund contributes to achieving the EU's climate targets."

European Investment Bank Vice-President Thomas Östros, who is responsible for energy financing said: “As Europe’s climate bank, the EIB is proud to be a cornerstone investor in the Solas Sustainable Energy Fund, which will help bridge the major financing gap for energy efficiency projects. Reducing the energy use in buildings is crucial to achieving a carbon-neutral economy in Europe by 2050. We believe that our commitment in this fund will catalyse further investments to meet the immense building renovation challenge.”

"Following the commitments of the EIB and ISIF, the participation of such a renowned private investor demonstrates confidence in the SSEF's strategy ", said Sebastian Carneiro, co-founder and managing partner of Solas Capital. "This shows that the SSEF can bridge the gap between institutional investor capital and the many small-scale energy efficiency projects."

About Solas Capital
Solas Capital is a specialist investment advisory firm founded and managed by professionals from the energy efficiency financing sector. Through the development of innovative financing solutions Solas Capital’s mission is to support the move to a carbon neutral society. By understanding both the funding needs of energy efficiency projects and the requirements of institutional investors, Solas Capital bridges the gap between investors and projects. Solas Capital is the investment advisor to the Solas Sustainable Energy Fund, which is supported by the European Investment Bank and the LIFE-programme of the European Commission.

About MEAG
MEAG manages the assets of Munich Re and ERGO. MEAG is active in Europe, Asia and North America and offers its comprehensive know-how to institutional investors and private clients. In total, MEAG manages investments currently worth €339bn, of which €65bn relates to business with institutional investors and private clients.

About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2021, the bank provided €14.3 billion for energy-related projects, of which €4.7 billion for energy efficiency and €5.7 billion for renewables. The EIB Group recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to allocate more than 50% of its financing to climate action and environmental sustainability by 2025. As part of the Roadmap, all new EIB Group operations have also been aligned with the goals and principles of the Paris Agreement since early 2021.

Press contacts
Thomas Luber, media@solascapital.ch, tel.: +49 171 83 11 216
Dr. Josef Wild, jwild@meag.com, tel: +49 89 24 89 2072

MEAG is participating in the refinancing of euNetworks, a western European provider of broadband infrastructure. euNetworks operates urban and long-distance fibre-optic networks in 15 European countries, which connect Europe's key data centres and data centre hubs with each other. The loan proceeds are used to refinance existing indebtedness and to fund the construction and development of the next generation of critical broadband infrastructure in Europe.

The investment has ESG relevance as well, i.e. the loan margin is also dependent on social and environmental KPIs. MEAG's share is in the high double-digit euro millions, with funds being raised by units of Munich Re Group and non-Group institutional investors.

Holger Kerzel, Managing Director and Global Head of Illiquid Assets: "We are very happy to help euNetworks in providing and further expanding critical European fibre-optic network infrastructure for the continued digitalisation of Europe."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

MEAG has purchased a logistics property currently under construction in Amiens in the north of France from the project development company JBD. When completed in September 2022, the property will encompass 13,233 m² of leasable space with 60 loading bays. The building, designed by the architect firm A26-GL is expected to get a "Very Good" BREEAM certification and it will have the capacity for expansion to the tune of a further 3,000 m² in the future.

The property is leased for a fixed term of nine years to Auchan Retail Logistique. Auchan is the second-largest supermarket operator in France, with 3,836 hyper and supermarkets in 16 countries. Its subsidiary Auchan Retail Logistique will supply the markets in the Hauts-de-France region in the north of France from the new logistics centre.

The investor is a MEAG logistics special fund with an asset volume of more than 200 million euros, in which Munich Re Group units are invested.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG: "We are very pleased to have been able to acquire this attractive development project. Food retail and the logistics that go with it are largely immune to economic cycles and crises, which makes them ideal for insurance companies for generating stable cash flows and diversifying real estate investments. We would like to express our thanks to the seller JBD and the tenant Auchan Retail Logistique for their highly constructive collaboration, and we welcome one of Europe's leading supermarket operators as our tenant."

MEAG was supported in this purchase by JLL as Buy-side advisor and by CMS Francis Lefebvre Avocats as legal and tax counsel. The vendor JBD was assisted by BNP Paribas Real Estate and by the legal practice Chancé Varin. MEAG stands for the asset management of Munich Re and ERGO.

MEAG is present in Europe, Asia and North America and offers its comprehensive know-how to institutional investors and private clients. In total, MEAG manages investments currently worth 330 billion euros. In its business with institutional investors and private clients, MEAG manages 65 billion euros.

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MEAG successfully underwrote a bond financing to fund the construction and operation of a portfolio with eight gas-fired peaker energy plants (total capacity of 490MW) located across Italy, owned by the project company Metaenergiaproduzione. MEAG acted as the sole structuring and debt financing party and subscribed a fixed rate bond with several Munich Re Group entities as well as a third-party co-investor and institutional investors via the MEAG Infrastructure Debt Fund I.

Once constructed, this project will provide stand-by generation capacity to guarantee the security of power supply. For this service, this project receives fixed capacity payments from Italy’s transmission grid operator Terna for a period of 15 years.

This stand-by generation capacity is going to play a crucial role in the electricity market in Italy, where the increasing share of renewable energy capacity is introducing volatility in the power supply. On these grounds, this project is designed to only operate in times of peak-demand and low-supply in order to ensure the stability and balance of the Italian electricity system – it is therefore considered an enabler of the further buildout of renewable energy generation capacity in Italy.

Holger Kerzel, Member of the Management Board, MEAG: “ With the expansion of renewable energies, a high level of security in the energy supply is becoming more and more of a challenge and requires flexible solutions for the reliable provision of energy. MEAG is happy to support the further expansion of renewable energies under the precondition of security of supply. “

This project is sponsored by IKAV, an international asset management group headquartered in Germany and with local offices in Luxembourg, Italy, Spain, Portugal, UK, USA and France and by Rome-based Metaenergia, who will retain a minority position.

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around EUR 328 billion, EUR 65 billion of which for institutional investors and private clients.

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As of 1 July 2021, Janina Lichnofsky will be taking on the role of Head of ESG at MEAG. This is a new position that has been created within the framework of MEAG's strategic reorganisation and the intensification of ESG activities in all MEAG areas of business. Janina Lichnofsky will report directly to Dr. Michael Bös, Chief Investment Officer Alternative Assets.

Dr. Michael Bös, Chief Investment Officer Alternative Assets at MEAG: "I'm very happy that Janina Lichnofsky and her team are assuming responsibility for ESG; a topic that is of great importance to us and our clients. She brings a lot of know-how and experience with her to the position, and as an ESG specialist who is well-known even outside the industry, she is a big asset for us. She will continue to expand our ESG activities so that we can further improve our sustainability performance for our clients and meet our social responsibilities as an asset manager. I really look forward to working with her."

Janina Lichnofsky has been at MEAG since 1 July 2020 in a capacity as Senior Specialist Sustainability. Prior to that she held various positions, also management level, at ISS ESG | Institutional Shareholder Services. Most recently she headed a team of ESG specialists there that supported institutional customers in German-speaking countries. She began her career as a consultant in a strategic consulting company specialising in sustainability, where she was responsible, for instance, for projects in the field of impact investing. Janina Lichnofsky holds a Master's degree in Political Science & International Relations from Ludwig-Maximilians-Universität (LMU) in Munich and is an INREV-certified Sustainability Specialist for Real Estate. She has gathered international experience working on projects of the Friedrich-Ebert Foundation in Tanzania and as a student at University College Dublin, Ireland.

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around EUR 328 billion, EUR 65 billion of which for institutional investors and private clients.

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MEAG has purchased 300 hectares of farmland in Illinois, USA for a client from within the company group. The price tag for the acquisition was in the higher single-digit US-dollar millions. The land is currently being farmed conventionally, but in the coming years the lessee will progressively convert it to organic cultivation. This transaction marks the first purchase for a client by a MEAG investment programme that is designed to build up a portfolio of agricultural properties in the USA over the medium term.

Sustainable organic farming is a growth market in the US, with demand for such foods experiencing an additional push during the ongoing pandemic. Compared to the increased demand, the transition from traditional farming to sustainable organic production systems is only progressing very slowly, however, because it often brings with it significant agronomic and financial risks. Accordingly, sustainable organic farmland only makes up around 1% of the arable land in the US. In Germany this figure is around 10%.

MEAG is now assisting farmers in the US with their conversion to sustainable organic production, in order to promote this kind of farming. In collaboration with the future organic farmers, we acquire conventionally managed farmland and lease it out to them over the long term, with fittingly reduced rents in especially the first three years of the transition from conventional to organic, to account for the initial lower earnings. This facilitates the conversion for them and MEAG can make a contribution to sustainable and future-ready agriculture.

MEAG has been investing in agricultural land since 2014 and has built up extensive internal expertise in this field in various target countries. MEAG also benefits from the know-how and unmatched experience of the Munich Re insurance experts when it comes to assessing natural risks and the effects of climate change, both of which are key parts of the acquisition due diligence when investing in agricultural land.

Holger Kerzel, MEAG Managing Director, says: "The long-term lease earnings generated with agricultural investments are attractive for us to cover insurance payment obligations. With these investments we also promote sustainable farming in the USA, help family businesses and enhance biodiversity."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €336 bn, €70 bn of which from coming from institutional investors and private clients outside the company group.

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MEAG, on behalf of its clients, has successfully acquired about 2,200 hectares of forests in Southland, New Zealand for a medium double digit million NZD amount. This investment is part of a midterm program to increase the investment exposure of MEAG’s clients to New Zealand forestry.

In view of persistently low interest rates, MEAG is increasing its focus to alternative investments that offer attractive risk adjusted returns over long term periods. MEAG has been building up considerable inhouse expertise in this field while at the same time leveraging the outstanding competence of Munich Re with regards to assessing natural risk and potential impacts of climate change. MEAG started to build a global timberland portfolio over ten years ago and has since invested on all of the six continents.

Besides generating attractive returns, sustainably managed forests have the potential to deliver significant positive impacts on different ESG aspects at the same time. Holger Kerzel, Managing Director of MEAG, concludes: “Forestry investments can be an attractive alternative for institutional investors to further diversify portfolios in these uncertain times. For successful investments in this field, however, specific competence is needed not only relating to pure financial aspects, but increasingly regarding assessing natural risk and sustainability in light of climate change. Wood is a renewable resource that helps to mitigate climate change through sequestering and storing CO2. At MEAG, all of these aspects are an integral part of our due diligence process and ongoing management considerations. In that regard, the sustainable management of our forest investments is certified via independent internationally recognized schemes.” The New Zealand forestry is seen as an attractive investment meeting these targets. MEAG’s strategy is to be a long-term sustainable player in the New Zealand forest industry.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €336 billion, around €70 billion of which for institutional and private customers.

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• MEAG has reached financial close for the financing of the Mutkalampi wind farm which, with a capacity of more than 400 MW, will be the largest onshore wind farm in Finland.
• MEAG is providing €290 million as sole senior term loan lender and arranger and underwriter on part of Munich Re and several insurance companies of ERGO Group, institutional investors via MEAG and investment funds, e.g. MEAG Infrastructure Debt Fund II.
• The wind farm Mutkalampi in Central and Northern Ostrobothnia in western Finland is owned outright by Neoen.

Vestas has been entrusted with engineering, procurement and construction. The park will comprise 69 turbines. Site preparation work is already under way. Once in operation, the park will account for c.2.0 percent of Finland’s national electricity production. The majority of the Mutkalampi electricity output is allocated to five 10-year corporate power purchase agreements with Google and a Dutch consortium of Heineken, Nobian (previously Nouryon), Philips and Signify. MEAG takes comfort in the due diligence from having employed Munich Re’s insurance expertise and Munich Re’s own technical advisor Hartford Steam Boiler.

Holger Kerzel, Member of the Board of Management, MEAG: ”This project fulfills our high expectations for sustainable and successful investments. We are keen to invest in renewable energies and support the energy transition from fossil fuels to renewables. Private sector financing by MEAG is an important contribution for the maintenance and modernisation of infrastructure as well as for the expansion of renewables.“

Xavier Barbaro, Chairman and CEO, Neoen: “We are proud of our rapid expansion in Finland, which is now in our top three countriesand I congratulate our local team. With this first project financed by MEAG, we are also pleased to diversify our funding sources and thus provide new categories of lenders with an opportunity to participate in the energy transition. The Mutkalampi wind farm also reflects our ability to enlarge our customer base to major industrial clients and to innovate with a pan-European Power Purchase Agreement for green energy

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €336 billion, around €70 billion of which for institutional and private customers.

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• The MEAG Infrastructure Debt Fund II has attracted commitments from institutional investors for over 1 billion euros
• The fund will finance infrastructure projects in Germany, Europe and USA together with Munich Re
• It is an Alternative Investment Fund (AIF) with the legal structure of a Luxembourgian S.C.S. SICAV-RAIF limited partnership

In the final closing phase of the MEAG Infrastructure Debt Fund II, MEAG has now collected investment commitments from institutional investors to the tune of more than 1 billion euros. In doing so, MEAG picked up where the resounding success story of its first Infrastructure Debt Fund left off, and significantly exceeded the targeted fund volume of €800 million. Alongside Munich Re, insurance companies, pension funds, banks and international organisations are investors in the fund. The fund's goal is to generate a stable and attractive long-term return for its investors, while at the same time ensuring preservation of the invested capital.

The MEAG Infrastructure Debt Fund II invests outside capital in selected infrastructure projects in Germany, Europe and the US. These projects can be in any segment of the infrastructure spectrum, such as transport, energy supply, renewable energies, communication or social infrastructure. Before the decision is made to invest in a given asset, MEAG puts all projects through an rigorous due diligence process together with the experts from Munich Re, which enables investments to be made in all different project phases (greenfield & brownfield).

Frank Becker (MEAG Managing Director – Institutional Clients): "A really fantastic achievement that proofs we are meeting current market demand with this product and our capabilities. Having the opportunity to invest over the long term together with Munich Re while earning an attractive and consistent return is a big incentive for many of our clients to participate in MEAG funds. This success confirms our resolve to keep expanding our range of products in the field of alternative assets."

Holger Kerzel (MEAG Managing Director – Illiquid Assets): "We have been investing in infrastructure projects for Munich Re for over ten years now, and with our in-depth knowledge of the various markets and the specifics of this asset class, we can act quickly and effectively for our customers. The access we have to the technical expertise of our Munich Re colleagues gives us a big competitive advantage, because it enables us to comprehensively examine potential investment targets with the entire range of risk know-how that Munich Re disposes over."

Thomas Bayerl (MEAG – Head of Illiquid Assets Debt): "We have a wealth of practical experience gained from investing in almost 70 infrastructure projects with investment concepts that are individually tailored to the needs of Munich Re and other institutional customers. We assess a large number of promising projects every year, from which we then carefully select the most promising to actually invest in. The deal pipeline for the MEAG Infrastructure Debt Fund II is well stocked. We have already made our first investment and more will follow in the near future."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €340 billion, around €70 billion of which for institutional and private customers.

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MEAG is arranging and participating in the refinancing of a portfolio of 13 solar PV parks in central and southern Spain together with three other partners. The solar PV parks owned by Eolia Renovables de Inversiones SCR S.A. have a total nominal capacity of 74.5 MW and have been in successful operation for more than 10 years. One third of the total financing volume of circa EUR 450 million will be provided by investors for which MEAG is the asset manager, including several Munich Re Group entities and the MEAG Infrastructure Debt Fund I.

Holger Kerzel, MEAG Managing Director, says: "MEAG has been investing with great success in the equity and debt of solar parks in Spain for around 10 years now. We know the market and the regulatory framework and we are very pleased contributing to climate-friendly energy generation. For our customers from both within and outside the company group, refinancing these solar parks is not only an attractive investment opportunity, it is also a commitment to protecting the environment."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around EUR 334 billion, around EUR 67 billion of which in its business with institutional investors and private customers.

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MEAG is refinancing a 626 km network of motorways in Portugal together with its partners Crédit Industriel et Commercial (CIC) and Novo Banco. These motorway segments are situated in various different parts of Portugal and a key component in the country's road network and transport infrastructure. Member companies of Munich Re Group are participating in the refinancing, as are institutional customers of MEAG in a co-investment, and the two MEAG Infrastructure Debt Funds, which enable institutional investors to participate in the earnings potential of the Infrastructure Debt asset class. The final closing of the second fund is scheduled for early March.

Holger Kerzel, MEAG Managing Director, says: "The financing of this motorway network follows on from the first investment in Portugal in mid-2019, and represents yet another chapter in our success story of funding infrastructure in that country. For our clients from both within and outside the company group, refinancing the existing motorways is an attractive investment opportunity with calculable risks and a stable long-term return."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.

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MEAG is purchasing from DIF Capital Partners a 50% share of the Lone Valley solar park in California, U.S.A. Lone Valley comprises two photovoltaics projects for local and regional energy production: Lone Valley I, a 10-MW plant; and Lone Valley II, a 20-MW plant, both of which are located in San Bernardino County, California.

Holger Kerzel, MEAG Managing Director, says: "By expanding our renewable energy portfolio we are helping to prevent climate-damaging emissions near the world's largest metropolitan areas. The solar energy captured by these plants can supply 10,000 households with electricity".

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.

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Hartwig Rosipal (56) is hiring on as MEAG's new Head of Institutional Sales in Munich, starting on 1 January 2021. With his team, which will continue to be expanded in future, Rosipal will be responsible for growing MEAG's business with institutional investors.

Frank Becker, MEAG Managing Director, says: "I am very happy that we have been able to secure the services of a proven expert in Hartwig Rosipal, who will be responsible for the institutional customer segments and our wholesale sales, and who will further the growth of MEAG's business with institutional investors. With his extensive experience and expertise, Hartwig Rosipal is a big win for MEAG and he will be a strong and reliable partner to our customers."

Rosipal comes from Columbia Threadneedle, where he was in charge of the business with German institutional customers and their advisors as Director Institutional Sales. Prior to that he helmed the expansion of NordLB's activities in this segment, in his capacity as CEO of Institutional Asset Management. Before that he spent more than 20 years in management positions at Dresdner Bank/Allianz Group and on the board of Pioneer Investments.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.

First round of investment now closed, with commitments for over Euro 300 million

• The fund invests in a diversified portfolio of European infrastructure projects together with Munich Re
• A Reserved Alternative Investment Fund (RAIF) in the legal form of a Luxembourgian limited partnership S.C.S
• Target volume Euro 800 million

MEAG today announced the first closing of the MEAG Infrastructure Debt Fund II, with investment commitments from institutional investors amounting to over Euro 300 million. This means that the second round of financing has now begun. The fund is available to institutional investors as a Reserved Alternative Investment Fund (RAIF) in the legal form of a Luxembourgian limited partnership S.C.S.. Its target volume is Euro 800 million.

The fund management's investment objective is to acquire an attractive earnings profile by selectively investing in a broadly diversified portfolio of infrastructure debt investments. Capital preservation and infrastructure's greater attractiveness compared to other asset classes with similar credit standing, origin and duration are key premises in this concept. When selecting projects for investment, ESG criteria will be taken into account alongside the financial and technical aspects.

Frank Becker, MEAG Managing Director responsible for institutional clients, says: "We are happy about the high level of interest that institutional clients are showing in our second infrastructure fund. In the continuing low-interest environment, investors are looking for higher returns at acceptable risk. With our many years of experience and expertise in the field of infrastructure, we are able to offer our customers individually tailored concepts for their investments. The alignment of interest with our parent company Munich Re, which will also be investing in the fund, is another important aspect for our customers, underscoring the longterm partnership that we are all entering into together with the MEAG Infrastructure Debt Fund II."

Holger Kerzel, MEAG Managing Director responsible for illiquid assets, says: "The key to investing successfully in the infrastructure asset class lies in the quality-based selection of assets. One of our competitive advantages here is that we can evaluate potential investments holistically with the entire range of risk expertise available within the global reinsurer and risk carrier Munich Re. Our Infrastructure Debt management team then has the experience to take that analytical expertise and use it to form top products."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of around Euro 334 billion.

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On 2.11.2020 the 400MW German off-shore windpark Global Tech I reached financial close for the € 520 million refinancing of its existing senior debt instruments. With the successful refinancing Global Tech I, a driver of the German offshore wind industry, has set the course for a strong future of its 400 MW offshore wind park located in the North Sea more than 100 km from the shore in 40 meters of water-depth.

In the context of the refinancing Kommunalkredit Austria structured and fully underwrote a € 100 million term loan facility with a fixed coupon specifically designed to meet the needs of institutional investors. At the same time, the structure included highly competitive features which were Sponsor IRR accretive and hence provided major structural improvements for all stakeholders. MEAG was involved during the structuring process and finally placed the fixed rate loan with several Munich Re Group entities as well as institutional investors via the MEAG Infrastructure Debt Fund I.

Kommunalkredit Head of Structuring & Execution Birgit Brinda: “Although the process was run on a very tight timeline we were able to structure and commit a EUR 100m fixed rate tranche, specifically designed to meet the needs of institutional investors. And – even more important – we are creating sustainable value for the community with this transaction as the electricity produced can supply approx. 400.000 households with clean energy for a year.”

Holger Kerzel, Member of MEAG’s Management Board: “MEAG is pleased to provide a substantial portion of the refinancing and improve the asset allocation towards renewable energy projects, which is a core pillar of our investment strategy and will also be implemented in our new MEAG Infrastructure Debt Fund II, for which we are planning the 1st closing on 3.12.2020.”

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently has assets under management of about € 330 billion.

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MEAG, on behalf of one of its clients, acquired about 16,000 hectares of timberland for a low triple-digit million US dollar figure in Southwestern Oregon, USA. These timberlands are mainly situated in the Coast Range, a mountain range along the Pacific Ocean, and are dominated by the highly productive tree species Douglas fir.

In view of persistently low interest rates, MEAG is building up further its capital commitment in alternative investments that offer attractive yields over long periods of time at acceptable risk levels. The timberland asset class meets these requirements, as do investments in infrastructure, private equity and real estate.

Institutional investors have to familiarize themselves intensively with the specifics of this asset class. In order to adequately assess investments in timberland, a careful analysis of all risks and opportunities and special know-how is required. A specific emphasis was put on the assessment of natural risks like wildfire and the potential impacts from climate change, especially in light of the recent fires in the State of Oregon. MEAG started to build a global timberland portfolio over 10 years ago, and has since then invested on 6 different continents.

The USA are the pioneers in the institutionalization of the timberland asset class. In the 1980s, US paper companies began selling their timberlands to institutional investors, and since then timberland has increasingly become an established asset class. Many pension funds in the USA have been invested in timberland for a long time already. Viewed historically, the average yield in this asset class has been 5-7% a year, although this fluctuates not only in terms of time scale, but also by region and dependent on the specific market's development.

Holger Kerzel, Global Head Illiquid Assets at MEAG, says: "One of the many advantages of timberland is that wood is a renewable resource that perfectly meets the demands of sustainability and helps to mitigate climate change through sequestering and storing CO2. Only as much wood may be removed from the forest as can be regrown with systematic reforestation. This principle has developed over centuries, and has been enhanced with social and ecological aspects. Sustainable forest management can provide attractive returns over decades, but many years of experience and proven success are of key importance when investing in timberland."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently has assets under management of about € 330 billion.

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• Gap to be closed between the A49 and A5 motorways

• One of the key transport projects in northern and central Hesse 

• Trans-European networks to be strengthened

Together with other international banks and the European Investment Bank (EIB), KfW IPEX-Bank and MEAG are jointly financing the construction of the 31-km section of the A49 motorway between Schwalmstadt and the Ohmtal triangle in northern and central Hesse. In addition to the expansion, the project also includes planning and co-financing as well as operation and maintenance of a nearly 62-km section of the A49 between the Fritzlar junction and the Ohmtal triangle (BAB 5 / BAB 49). The PPP contract has a duration of 30 years starting from 1 September 2020. KfW IPEXBank and MEAG are providing around EUR 262 million for the project with planned construction costs in excess of EUR 700 million.

The contract for implementing this public-private partnership (PPP) project had already been awarded to the European construction technology group STRABAG SE through its subsidiary STRABAG Infrastrukturprojekt GmbH. The contracting authority is the Federal Republic of Germany, represented by the state of Hesse, represented in turn by DEGES (Deutsche Einheit Fernstrassenplanungs- und bau GmbH). STRABAG Infrastrukturprojekt GmbH and Meridiam Investments SAS each hold 50% of the specially created project company A 49 Autobahngesellschaft mbH & Co. KG.

“We are very glad to conclude another important infrastructure PPP with our valued business partners STRABAG, Meridiam and MEAG,” said Andreas Ufer, member of the Management Board of KfW IPEX-Bank. “With this financing, KfW IPEX-Bank is once again underscoring its commitment to structuring financing for privately implemented infrastructure projects in Germany and Europe despite the challenging market conditions caused by the pandemic.”

Holger Kerzel, member of the Board of Management of MEAG: "MEAG is consistently pursuing its roadmap for expanding infrastructure financing. We are pleased to have achieved a second successful closing of a PPP project in Germany this year together with our valued cooperation partner KfW IPEX-Bank. For MEAG customers, due to the availability model financing PPP projects is an attractive investment opportunity." 
 
MEAG handles the asset management for Munich Re and ERGO. It maintains offices in Europe, Asia and North America and also offers its extensive know-how to institutional investors as well as retail customers. Altogether MEAG administers capital investments currently worth EUR 330 billion.

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•  Second infrastructure fund launched with a target volume of € 800 m

•  The fund invests in European infrastructure projects 

•  A Reserved Alternative Investment Fund (RAIF) in the legal form of a Luxembourgian limited partnership

 
After the highly successful and now almost completed call for investments for the MEAG Infrastructure Debt Fund I (€ 661 m), and because of the continued high demand from institutional investors for the fund, MEAG has now issued a second infrastructure fund and cleared it for distribution. This second fund will be a Reserved Alternative Investment Fund (RAIF) available to institutional investors, in the legal form of a Luxembourgian limited partnership S.C.S..
 
With a target volume of € 800 m, the investment goal of the second infrastructure fund is to acquire an attractive earnings profile by selectively investing in a portfolio of infrastructure debt investments. Capital preservation and infrastructure's greater attractiveness compared to similar asset classes are key premises in this concept. The assets chosen for investment can be in various phases of development, but mostly they will already be in operation ("Brownfield"). 
 
The investment universe encompasses all fields of the infrastructure spectrum. The most prominent sectors are transport, energy, communication, and social infrastructure such as schools and hospitals. In the project selection and due diligence, technical aspects and in particular ESG criteria are taken into account.  As Munich Re is committed to the Principles for Responsible Investment (PRI), the portfolio of the fund will be aligned consistently according to ESG criteria.  
 
Frank Becker, MEAG Managing Director in charge of business with institutional customers: "Based on the outstanding market demand we have seen for our first infrastructure debt fund, we are highly optimistic that our new fund will meet current market demand from institutional investors and offer an attractive investment opportunity in a low yield environment ."
 
Holger Kerzel, MEAG Managing Director responsible for illiquid assets: "Financing infrastructure projects offers a good selection of investment targets with a worthwhile illiquidity premium over bonds. We analyse the risks of the individual projects carefully and place great importance on their fulfilment of sustainability criteria. Our Infrastructure Debt team has the experience and analytical expertise that this requires. Munich Re's technical experts and engineers assist us with our due diligence." 
 
MEAG's practical experience builds on around 60 projects that we have invested in for Munich Re, and since 2018 for non-Group customers as well. The transactions stem from an investment pipeline of around 700 projects, and with their security and plannable earnings they are therefore excellent for all institutional investors looking for attractive ongoing returns from investments with a good credit rating.
 
"We are ideally set up to meet the investors’ high demand, because the extensive deal pipeline means that the subscribed volume can be allocated quickly and efficiently. The list of projects ready for evaluation and investment is long and the team is working around the clock to process them carefully and accurately," says Thomas Bayerl, Head of Illiquid Assets Debt.
 
MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of Euro 330 billion.

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Munich Re has once again been awarded the best possible rating of "A+" in the "Strategy and Governance" module of the 2020 PRI (Principles for Responsible Investment) Assessment. Within the group of comparable asset owners, the median rating is "A". Munich Re, together with ERGO and MEAG, was among the first German signatories of the UN-supported PRI, and played a key role in the drafting of the Principles.

Dr. Michael Bös, Member of the MEAG Board of Management: “We are very happy about this excellent result, which confirms our commitment to investing responsibly with a special view to the wellbeing of future generations. We do so when managing the assets we are entrusted with by systematically integrating ESG factors into our investment processes in all asset classes. In addition, we also place importance on “enabling”, i.e. investing specifically in climate-friendly projects such as renewable energies and projects that reduce the production of CO2. We also practice “disabling”: ruling out investments in sectors that are not reconcilable with how we define sustainability.”

Munich Re also earned excellent grades in the “Bonds” asset class. All of Munich Re's ratings are above the median in the individual modules, placing it in the top half of its peers.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 324 billion.

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Prashant Sharma (42) will be appointed to the MEAG Board of Management effective 1 July 2020. As CIO Public Markets, he will assume responsibility for the management of the liquid assets portfolio. Prashant Sharma joins MEAG from J.P. Morgan Asset Management, where his last position was Managing Director, Head of International Fixed Income Insurance and Pensions. He succeeds Thomas Kurtz (54), who leaves MEAG on 30 June 2020 by mutual and amicable agreement to pursue new opportunities.  
 
As of 1 July 2020, the Illiquid Assets and Real Estate fields of business at MEAG MUNICH ERGO AssetManagement GmbH will be brought together under a single manager.
Dr. Michael Bös (62) will assume responsibility for the newly created division as CIO Alternative Assets. Bös joins MEAG from Munich Re, where he currently heads up the Investment Strategy divisional unit. Wolfgang Wente (56), currently Head of Real Estate at MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, leaves the company by mutual and  amicable agreement on 30 June 2020 to take on new responsibilities. 
 
MEAG CEO Andree Moschner said of the changes: “We are pooling our expertise, raising our international profile and consolidating MEAG's strengths. I am delighted to welcome Prashant Sharma and Dr. Michael Bös to the MEAG team: two highly qualified experts who, in their respective roles, are best placed to tackle future challenges in our markets. My thanks go to Thomas Kurtz and Wolfgang Wente for their service, both of whom have been instrumental to the development and success of our company and Group for over 20 years. I wish them both continued success and the very best for the future.”
 
 
MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of Euro 324 billion.

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As part of an international consortium, KfW IPEX-Bank and MEAG are financing the sixlane expansion of federal motorway 3 (A3) between interchanges Biebelried and Fürth/Erlangen as well as its operation and maintenance for 30 years together with the European Investment Bank (EIB), DEKA Bank, DZ BANK AG, Helaba, LBBW and MUFG. In cooperation with MEAG, KfW IPEX-Bank is contributing EUR 340 million to the total financing volume of around EUR 1.2 billion for this large-scale German infrastructure project.
 
The A3 is an international E-road network road and part of the Trans-European Transport Network. The section between interchanges Biebelried and Fürth/Erlangen is also one of the most important transport arteries in northern Bavaria. The traffic load is up to 90,000 vehicles per day. Implementation of the project will create an effective transport connection that will satisfy today’s requirements. In addition to expansion of the highway over a length of about 76 kilometres, it includes construction of noise barriers along a total distance of about 28 kilometres, new construction of eight motorway entrances and the creation or expansion of five car parks. The motorway is scheduled for completion at the end of 2025.
 
French company Eiffage and the German construction company JOHANN BUNTE based in Papenburg were awarded the contract to implement the largest Public-PrivatePartnership (PPP) motorway project to date in Germany. It was preceded by an international public invitation to tender by the Federal Government. The Federal Government will make payments to the private contractors under this PPP pursuant to the A-model (availability model) based on the availability of the lanes.
 
“We are happy to be able to contribute to a further important German PPP,” said Andreas Ufer, Member of the Management Board of KfW IPEX-Bank. “Through the financing and our underwriting for MEAG we are proving that we are a reliable partner even in times of crisis and highlighting our competence in structuring financing for commercially realised infrastructure projects in Germany and Europe once again.”
 
Holger Kerzel, Member of the Board of Management at MEAG: “Even in times of general uncertainty, we adhere to our schedule for expanding our infrastructure financing and are a reliable cooperation and project partner with regard to provision of long-term financing. We are very happy to contribute financing to this major infrastructure project in Germany together with our cooperation partner KfW IPEX-Bank. For MEAG customers, financing PPP projects is an attractive investment opportunity due to the availability model with straightforward risks and sufficient long-term returns.”

With this financing, KfW IPEX-Bank continues to expand its expertise in the area of infrastructure and thus now also offers registered bonds as a financing product. As a specialist bank, it is taking on leading functions in this project as the common agent, security agent and documentation bank and is incorporating MEAG as an experienced international investor in the PPP project.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of Euro 297 billion.

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MEAG has purchased the office building "41 Grenette" in Lyon, France, for its real estate special investment fund MEAG Euro Pro. The fund is designed for institutional clients and participates in the performance potential of office real estate in top locations of major European cities. The vendor of the property is the major French bank BNP Paribas, which will continue to use the building as a tenant. CBRE advised MEAG in the transaction.

The “41 Grenette” is situated at the heart of Lyon in the Presqu'île district, and offers around 5,730 m² of floor space distributed over seven floors. With its beautiful neoclassical architecture, the building boasts a historical façade in the style of the early 20th century.

Wolfgang Wente, MEAG Managing Director: "We are very happy about the success of this transaction. With the “41 Grenette” in the centre of Lyon we have added another great office property to the MEAG Euro Pro portfolio for our clients. The real estate special fund MEAG Euro Pro offers institutional investors the opportunity to obtain consistently attractive returns despite the current extreme-low-interest environment."

MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of Euro 278 billion.

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A consortium of equity investors including APG, MEAG (Munich Re’s asset manager acting for investors from within Munich Re Group), and Clal Insurance Company, alongside other US institutional investors have agreed to acquire 100% of Astoria Energy I and a 55% interest in Astoria Energy II. Located in Queens, New York, the facilities total 1.2 GW of combined-cycle generation. The plants are expected to provide reliable and required power as New York transforms its energy sector in the decades to come.

The assets are two of the most efficient natural gas plants in New York City. Astoria I provides merchant energy and capacity into the New York power market, while Astoria Energy II operates under a long-term tolling agreement with the New York Power Authority through mid-2031. The transaction is subject to regulatory approval and is expected to close in the first half of 2020.

Steven Hason, Head of Americas Real Estate & Infrastructure at APG said, “As a pension investor, we are continuously looking for attractive infrastructure investments that help us realize stable and long-term returns for our pension clients. This transaction represents an opportunity to invest in facilities that provide reliable baseload electricity to New York City and will provide system stability through New York’s energy transition. We look forward to working with our partners who share our long-term investment goals with regard to this critical infrastructure asset.”

Holger Kerzel, Member of the Board of Management at MEAG, stated, “We are keen to invest in the United States, given the large US share of Munich Re’s insurance portfolio. Electricity supply for New York City is an attractive investment opportunity for Munich Re, given the moderate risks and stable and sustainable returns. The high level of long-term income stability will cover the liabilities in the insurance business of our clients. We are pleased to have teamed up with professional partners in this investment project to form a successful long-term relationship.”

Yossi Dory, Clal’s Chief Investment Officer, said, “We are proud to invest alongside reputable investors such as APG and MEAG in long-term, high-quality assets with a proven track record and excellent performance. The Astoria projects, which are the backbone of the New York City electric power system, will create long-term, sustainable returns for our pension, provident, and insurance members.”

Holland & Knight and Sidley Austin LLP acted as legal counsel to the equity consortium.

About APG

APG is the largest pension delivery organization in the Netherlands; its approximately 3,000 employees provide executive consultancy, asset management, pension administration, pension communication, and employer services. APG performs these services on behalf of pension funds and employers in the sectors of education, government, construction, cleaning and window cleaning, housing associations, energy and utility companies, sheltered employment organizations, and medical specialists. APG manages approximately €532 billion (November 2019) in pension assets for the pension funds in these sectors. APG works for approximately 21,000 employers, providing the pension for one in five families in the Netherlands (about 4.6 million participants). APG has offices in Heerlen, Amsterdam, Brussels, New York, and HongKong.

APG has been an active infrastructure investor since 2004, investing approximately €14.0 billion to date and managing 32 direct stakes in portfolio companies. APG's investments include assets within energy and utilities, telecommunications, and transport infrastructure. APG's Global Infrastructure team is comprised of 32 investment professionals.

For more information, please go to https://www.apg.nl/en/news

About MEAG

MEAG manages the assets of Munich Re and ERGO. MEAG located in Munich, Germany, has representations in Europe (Luxemburg, Malta), North America (New York), Asia (Hong Kong) and offers its extensive know-how to institutional and private investors. MEAG manages an overall investment portfolio valued at €278 billion including virtually all important asset classes such as bonds, equities, real estate, and direct infrastructure equity and debt.

Among MEAG’s recently closed US infrastructure investments are a 25% stake in SouthWest Water Company as well as a debt investment in the 527 MW Carlsbad Energy Center in California. MEAG also advised on the acquisition of 330 Madison Avenue in New York City and Washington Building at 1440 New York Avenue. Last year, MEAG invested in 91,000 hectares of forest land in Texas and Louisiana.

More at  https://www.meag.com 

About Clal

Clal Insurance Company (together with its subsidiaries) is primarily engaged in the insurance industry and the management of different long-term saving plans. Clal is one of the largest insurance companies in Israel, managing approximately $65 billion, with approximately 4,200 employees, and in cooperation with approximately 1,800 insurance agents. The group's activities are focused primarily on three segments: long-term savings, life insurance, non-life insurance and health insurance. Clal has extensive experience in the infrastructure market with a special focus on the power sector. Clal has been active across several U.S. power markets, including PJM, NYISO, ISO-NE, and ERCOT, participating as a lender and as an equity investor in transactions for a total capacity of over 6.5 GW.

Media Contacts

APG
Jennifer Bainbridge
917-368-3599
E-mail: Jennifer.Bainbridge@apg-am.com

MEAG
Dr. Josef Wild
+49 89 2489 2072
jwild@meag.com

Within the scope of a public-private partnership (PPP), MEAG is funding the extension of an 11 km section of the A9 motorway by Amsterdam in a consortium of international financing partners. After completion of the extension, the project also encompasses its operation and maintenance for a 14-year period. Involved in the debt investment are entities from Munich Re (Group) and other institutional investors via the MEAG Infrastructure Debt Fund.

The A9 motorway is an important and heavily frequented connection between Schiphol Airport, the south-Amsterdam residential district Amstelveen and Almere. It is also a key connection to the Dutch motorway network. With an investment volume of close to a billion euros, the project is a major measure for improving the traffic flows in this economically strong region around the nation's capital, and through the partly sunken sections it also reduces noise and pollution emissions into the surrounding residential areas.

For MEAG this is the fifth infrastructure debt  investment in the Netherlands. MEAG is also involved in the financing of two PPP projects for the construction and operation of court buildings in Breda and Amsterdam and in the long-term PPP financing of the A16 Motorway and the A24 Blankenburg Connection, both by Rotterdam.

Holger Kerzel, MEAG Managing Director: "The expansion of motorways is an attractive investment opportunity for our customers from within and outside the company group, with moderate risks and stable and sustainable returns. The Netherlands cleverly make use of the involvement of private investors to improve their infrastructure."

MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients. MEAG currently manages assets to the value of Euro 278 billion.

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MEAG has purchased a stake in the Dublin Waste to Energy PPP project from DIF Capital Partners (“DIF”) as a result of the downsizing of the stake DIF acquired in May 2019 from GIG. This energy-from-waste plant is the largest of its kind in Ireland and one of the most important pillars of the national waste-management scheme and climate policy. The project has been realised within the framework of a public-private partnership (PPP) and the concession for the plant's operation has a term of 45 years. The facility was built by Covanta, which also operates it.

The waste-to-energy plant generates power for 60,000 households from non-recyclable residual waste and it has been in operation since November 2018. Situated in the port of Dublin, it can currently process up to 600,000 tonnes of household and industrial waste a year, in adherence to strict environmental standards. The project benefits from the Irish renewable energy feed-in tariffs.

Holger Kerzel, MEAG Managing Director explains: "This plant is attractive for us for various reasons: It is our first investment in Ireland, which helps diversify our country risk; and it is also our first involvement in a waste-to-energy plant. The Irish government supports the power plant as a contribution to the Irish climate-protection programme. The high level of long-term income security ensured by a corresponding price system helps cover the payment obligations in the insurance business of our clients within our company group".

MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients. MEAG currently manages assets to the value of Euro 278 billion.

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Frank Becker (41) has been appointed to the position of Managing Director in charge of the Institutional Clients division at MEAG as of 1 November 2019.

Andree Moschner, MEAG CEO: "Frank Becker is extremely customer oriented and has a long and successful track record in sales. With him we will continue to grow our success with customers and sales partners."

Frank Becker was previously Managing Director of State Street Global Advisors GmbH, where he was responsible for their business with institutional clients and intermediaries. Prior to that he held management positions in the fields of sales and product management at the companies Pioneer, Activest and allfonds BKG.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of € 270 billion, 12 billion of which for institutional clients in Europe.

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• Settlement via securities and cash tokens and further use as collateral at Eurex Clearing as Central Counterparty – within a binding legal framework
• Joint use cases confirm a potential founding stone for multiple comprehensive distributed ledger service

Commerzbank, Deutsche Börse and MEAG, the Asset Manager of Munich Re and ERGO, have reached a further step in examining the scope of distributed ledger technology in post-trade services. The partners successfully completed the settlement of a legally binding secondary market securities transaction via tokens; Commerzbank further used the tokenized cash as collateral at Eurex Clearing as Central Counterparty. The prototype scenario reflected a delivery-versus-payment transaction and the transfer of tokenized cash, aiming on exploring the potential of various comprehensive services leveraging distributed ledger technology.

For this transaction, digital tokens were generated using both commercial bank money (cash tokens) and securities (securities tokens). The simultaneous swap of the tokens as final and binding settlement was enabled by using distributed ledger technology. As a further use case for cash tokens, Commerzbank provided the tokenized cash credits for coverage of margin requirements at Eurex Clearing as Central Counterparty as part of their operative risk management.

Eurex Clearing acted as tokenizer of cash, MEAG as the buyer of securities and Commerzbank as the seller and the custodian of the securities tokens. Main incubator, Commerzbank’s research and development unit, provided the blockchain platform.

The underlying technology and the legal concept were jointly developed by Commerzbank and Deutsche Börse. As a first step of their collaboration on DLT, Commerzbank and Deutsche Börse already completed a legally binding repo transaction earlier this year.

"This is an important joint effort in further exploring the potential of distributed ledger technology for the financial services industry. By combining multiple use cases within these transactions, we have broadened the scope of applications where the market can benefit from possible standards in this new technology. Our goal is to foster our role as financial infrastructure provider of choice.", stated Jens Hachmeister, Head of New Markets at Deutsche Börse Group.

"After our first collaboration with Deutsche Börse in March 2019, we are pleased to jointly reach a further milestone in using DLT for post-trade-services in capital markets. We will continue to work on these topics to provide our clients with market-ready solutions", said Benjamin Duve, Head of Custody & Direct Market Access, Commerzbank AG.

Dr. Frank Wellhöfer, member of the board of management at MEAG: "For us as investor, distributed ledger technology has a significant potential to increase efficiency of operations. By reducing the need for intermediaries, the transaction process of securities is going to accelerate furthermore. The involvement of tokens representing securities and money will facilitate network efficiencies and build a foundation for the creation of standards. This is important for the buy side as standards lead to broader market acceptance and thus create liquidity on DLT platforms in general."

The concept of this test transaction has been shared with regulatory and oversight authorities. Further productive introduction remains subject to their approval and the compliance with regulatory requirements and applicable policies. The partners aim to further develop financial markets infrastructure and services for the future, first steps to establish a respective framework have recently been initiated by the German Federal Government.

MEAG is the asset management company of Munich Re and ERGO. MEAG has locations in Europe, Asia, and North America, offering its vast expertise to institutional investors and private customers. MEAG manages total investments currently valued at approximately EUR 270 bn.

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MEAG, the asset manager of Munich Re and ERGO, announces a change in its leadership structure. Andree Moschner will take over as Chairman of the Management Board of MEAG MUNICH ERGO Asset Management GmbH, in addition to his function as member of the Management Board of ERGO Group AG, as of November 1, 2019.

Moschner has been a member of the Management Board of MEAG since 2016 and will take over the chairmanship from Philipp Waldstein Wartenberg, who leaves the company to pursue other opportunities. To ensure a smooth transition, Waldstein Wartenberg will assist with the handover of responsibilities until the end of the year.

Nicholas J. Gartside, CIO of Munich Re and responsible board member for MEAG, says: "Financial markets have rarely been as unpredictable and volatile as they are today. Given his extensive experience and proven success in managing strategic projects, as well as his familiarity with MEAG, Andree Moschner is highly qualified to ensure that the company is best placed to navigate these markets. On behalf of Munich Re Group, I would like to thank Philipp Waldstein Wartenberg for his leadership and strong contributions to developing the portfolio management capabilities, in particular the illiquid asset and credit competences of MEAG, over the past seven years. We wish him all the best personally as well as for his next professional step."

Andree Moschner (56) was a member of the Board of Management of Deutsche Bank 24, Dresdner Bank and Allianz Germany before joining the Munich Re Group.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently manages assets to the value of around € 270 billion.

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MEAG has completed the acquisition of part of Ardian's stake in Infra Foch Topco, which owns 100% of Indigo group, following consultation with Indigo's employee representatives and the approval of the antitrust authorities. Ardian had announced on 27 March 2019 that it would be entering into exclusive negotiations with MEAG, among others, to sell its stake.

Infra Foch Topco's new shareholder structure is as follows: 47.1% is held by Crédit Agricole Assurances through its subsidiary Prédica, 32.9% by Mirova through Core Infrastructure Fund II and its co-investment vehicles, 14.2% by MEAG, 0.5% in treasury shares and the remainder by the management of the Indigo group.

The Indigo group, based in France, is present in over 750 cities and employs more than 20,000 people in ten countries in Europe, North and South America. It operates more than 5,300 parking buildings and manages more than 2.3 million parking spaces and 3,000 km of curbside parking.

Holger Kerzel, Managing Director of MEAG, says: "Together with the management of the Indigo group and the shareholders, we are pleased to support the company in its further development. With increasing urbanisation and new mobility solutions like e-scooters, the competition for the scarce commodity of parking space in conurbations is growing ever more intense. With this stake in the Indigo group, we are investing in the future of parking-space management with the market's leading provider, thus protecting our insurance group's ability to meet its payment obligations for the long term".

MEAG stands for the asset management of Munich Re and ERGO. MEAG is present in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. In total, MEAG manages investments worth EUR 270 billion.

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Munich Re has been awarded the best possible rating of "A+" in the 2019 PRI (Principles for Responsible Investment) Assessment, in the module "Strategy and Governance". Only 29% of the 384 "asset owners" participating in the assessment from around the world gained this rating. Within the group of comparable asset owners, the median rating is "A". Munich Re, together with ERGO and MEAG, was among the first German signatories of the UN-supported PRI, and it also played a key role in the drafting of these principles.

Philipp Waldstein, CEO of MEAG, Munich Re (Group's) asset manager: "We are happy about this outstanding result, which reinforces us in our conviction to invest responsibly. For us that means firstly consistently integrating ESG factors into the investment processes of all asset classes, secondly enabling specific investments in climate-friendly projects such as renewable energies and CO2-reducing projects, and thirdly disabling – or ruling out – entire sectors that are not reconcilable with sustainable investment."

In addition, Munich Re and MEAG also answered questions about the "bonds" asset class, and achieved an excellent "A" rating in each and every module of it. Indeed, all of Munich Re's ratings are above the median in the individual modules, placing Munich Re in the top half of its competitors.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 268 billion.

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• Two rounds of financing concluded over plan with more than 660 million euros

• The fund will invest in European infrastructure projects in euro

• Special fund issued on the Universal-Investment platform

Munich / Frankfurt am Main, 25 July 2019. MEAG has successfully completed the second closing of the MEAG infrastructure debt fund Sub-Fund 1. A volume of € 500 m was initially aimed for, but after the first closing with over € 200 m at the start of the year, more than € 660 m could be collected. A large majority of the subscribers to the regulated MEAG Infrastructure Debt Fund S.C.S. SICAV-FIS special fund, which invests in leveraged infrastructure, are insurance companies and pension funds. Two-thirds of the investors are from Germany, and one-third from the rest of Europe. The fund was issued using the Luxembourg platform of Universal-Investment and offers broadly diversified investments with an optimised risk/return profile for this asset class. The targeted duration of the issue phase is to be more than ten years. Around half of the amount raised in the first closing has already been invested on the market.

Harald Lechner, managing director at MEAG in charge of institutional customers, says: "We are happy that we were able to attract institutional investors from both Germany and internationally, and use our expertise in the field of infrastructure debt to utilise the potential provided by the Munich Re network. The turnaround in the US interest-rate policy and the outlook that rates will remain low for some time convinced many investors to buy into more attractive returns at acceptable risk."

Sofia Harrschar, Head of Alternative Investments – Real Assets at Universal-Investment adds: "Institutional investors like pension funds and insurance companies have been increasingly diversifying their investments in recent years, so alternative investments are becoming ever more important and popular as a reaction to the protracted low interest rate period. Infrastructure investments made using equity and debt instruments offer a good risk/return ratio in this scenario."

Holger Kerzel, managing director at MEAG responsible for illiquid investments, is convinced: "Our investments represent a broad and deep market with exactly the right products for our ambitious demands. Extensive experience and top expertise in investing in this asset class are essential for us to be able to select the most suitable assets for our investors. Specialists from Hartford Steam Boiler, a Munich Re company, assist with the due diligence for renewables. When it comes to risk analysis we benefit from Munich Re's "Infrastructure Risk Profiler" range of services, which supports holistic risk analysis.“

MEAG practical experience encompasses around 50 projects that it has invested in for Munich Re (Group) in the past, having selected them from several hundred promising projects all told. The earnings and cash flows of these investment projects are planable and well suited to cover calculable payment obligations. So the infrastructure debt fund is ideal for investors subject to the German Insurance Supervision Act (VAG). And what is more, the favourable characteristics of the investment projects is beneficial for treatment under Solvency II.

ABOUT MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 268 billion.

More at www.meag.com

About UNIVERSAL-INVESTMENT

With fund assets of around EUR 459 billion under administration, thereof EUR 373 billion in own vehicles and around EUR 86 billion in, inter alia, insourcing, well over 1,300 mutual and special investment mandates and a workforce of around 700, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2019 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment also ranks in first place (as of June 30, 2019).

More information available at: www.universal-investment.com

Your contact for press inquiries

MEAG MUNICH ERGO Asset Management GmbH

Dr. Josef Wild
Press Officer
Tel: +49 89 2489-2072
jwild@meag.com

Universal-Investment-Gesellschaft mbH

Sascha Nottmeier
Communications Manager
Tel: +49 69 71043-5609
sascha.nottmeier@universal-investment.com

MEAG is refinancing the technical upgrading and modernisation of eight regional trains belonging to a rolling stock company owned by BeNEX for future use in the "Netz-Elbe- Spree" railway network. This regional rail network connects the greater Berlin area with Brandenburg, Mecklenburg-Vorpommern and Saxony-Anhalt. Entities of Munich Re (Group) and the MEAG Infrastructure Debt Fund, which enables institutional investors to benefit from the earnings potential of the asset class "infrastructure debt", are providing the financing. BeNEX has been a 100% subsidiary of the infrastructure investor International Public Partnerships (INPP; LSE listed) since beginning of July 2019, managed and advised by Amber Infrastructure Group.

Holger Kerzel, managing director at MEAG, says: "This funding to modernise regional rail transport takes pressure off the roads, is good for climate protection and benefits the traffic infrastructure in Berlin and its surrounding areas."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 268 billion.

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MEAG is financing Ascendi PT, shareholder in five motorways in Portugal. The motorway segments are in different parts of Portugal and are an important part of the road system and traffic infrastructure in the country.

The financing is serviced by availability payments and is secured by the country's creditworthiness. Portugal has performed extensive structural reforms since the euro/debt crisis and is attested investment grade from all three major rating agencies.

Holger Kerzel, managing director at MEAG, says: "This motorway investment is our first infrastructure financing project in Portugal. The country has done an impressive job getting back onto a growth track, brought order into its national budget, and it is now a stable and solid country in which we are happy to fund infrastructure."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 268 billion.

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MEAG is involved in the structured portfolio financing of digital infrastructure projects of Axione Infrastructures through senior secured project notes with a total volume of approximately 70 Mio Euro for investors of Munich Re (Group) and the MEAG Infrastructure Debt Fund.

Axione Infrastructures has fourteen subsidiaries, each of which is responsible for the installation, construction, operation and maintenance of high-speed broadband networks within the framework of the Public Initiative Networks (PIN) in rural areas of France. The business of the fourteen subsidiaries is based on long-term concession contracts with French regional authorities. 

Financing from senior secured privately placed notes was provided in particular to refinance existing project bonds and to finance the development, construction and operation of new super-fast next generation fibre projects based on Fibre-to-the-Home (FTTH) technology.

Holger Kerzel, Managing Director of MEAG, says: "This financing is an example of how private investors are able to support the state in the expansion of digital communication networks if the framework conditions are designed accordingly. The nationwide broadband expansion is an important contribution to distribution and application of high technology and to the harmonization of urban-rural development".

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 268 billion.

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As part of the refinancing of 54 newly acquired Alstom multiple-unit trainsets for the Sax-ony-Anhalt rail network, MEAG made available a low three-digit million euro amount of senior debt via long-term, fixed-rate registered notes. The bonds mature at the end of 2032. MEAG has invested for clients of Munich Re (Group) and the MEAG Infrastructure Debt Fund, a special fund set up for institutional investors.

The new Alstom multiple-unit trainsets will modernize rail transport in Saxony-Anhalt in line with the highest technical standards. The fuel consumption of the new trains is con-siderably lower than that of the existing fleet. The modernization will make passenger transport in Saxony-Anhalt more attractive and customer-friendly and increase its com-petitiveness compared with other means of transport.

Holger Kerzel, Managing Director of MEAG, comments: "Investments in infrastructure are necessary for Germany's future. By financing passenger rail transport in Saxony-An-halt, we are also making a contribution to modernisation of the German infrastructure. At the same time, we achieve attractive, long-term returns for our clients.”

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 254 billion.

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Luxcara, one of Europe’s leading asset managers for renewable energy investments, and MEAG, the asset manager of Munich Re and ERGO, have initiated and structured a project bond to finance the wind farms Skinansfjellet und Gravdal in Norway.

Similar to the financing of the wind farm Eikeland-Steinsland in July 2018, a lower three-digit million euro amount of projects bonds has been privately placed with investors of the Munich Re group, the Austrian insurance company UNIQA and one further European insurance group. Equity is provided by a renewable energy fund for institutional investors, which is advised by Luxcara.

The wind farms Skinansfjellet and Gravdal are located in windy Southern Norway and be-long to the Bjerkreim cluster, which Luxcara acquired in 2016. The Bjerkreim cluster has a capacity of 294 MW. The financing is based upon a long-term power purchase agreement (PPA) with Facebook.

“By broadening the institutional investor base compared to the wind farm Eikeland-Steinsland, we have proven our ability to structure and place project bond financings of renewable energy projects and thus addressing the individual needs of institutional investors in this regard. We are already looking forward to realizing more attractive debt financing solutions of solar and wind projects in the near future“, says Marc Brehm, Managing Partner of Luxcara.

Holger Kerzel, Managing Director of MEAG: „This project in established partnership fulfills our high requirements to sustainable and economically successful investments. Private financing by MEAG makes an important contribution to the maintenance and renewal of infrastructure and the development of renewables.“

Dimitar Lambrev, Senior Portfolio Manager of UNIQA: „For the UNIQA Group sustainability means taking over responsibility in an economical, societal and ecological way. Financing the project Skinansfjellet/Gravdal forms part of our sustainability strategy.“

Luxcara and MEAG jointly structured the financing. Acting as the arranger, MEAG repre-sents Munich Re's institutional investors. Luxcara was advised legally by Norton Rose Ful-bright and MEAG by White & Case LLP. The financing of the wind farm benefits from an insurance package which has been structured by Munich Re's Corporate Insurance Partner. Furthermore, Munich Re's inhouse technical advisor Hartford Steam Boiler Inspection and Insurance Co. (HSB), Connecticut has been employed in the technical due diligence.

MEAG is the asset manager of Munich Re and ERGO. MEAG has locations in Europe, Asia, and North America, offering its vast expertise to institutional investors and private customers. MEAG manages total investments currently valued at approximately EUR 252bn.

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• Transactions involving money market paper (ABCP) purchase and redemption completely powered by Corda blockchain technology
• Conclusion and winding-up of a contract for the first time without conducting parallel analog process
• LBBW creates first digital platform for ABCP, drastically reducing transaction time and streamlining procedures
• Rating Agencies Fitch and Moody’s confirmed rating for digital issue process
• Joachim Erdle, Head of Corporate Finance at LBBW: "Now we have proved the power of distributed ledger technology with no strings attached."
• Dr. Frank Wellhöfer, member of the board of management at MEAG: "For us as investor, the blockchain holds a lot of potential for greater efficiency."

Following the Schuldschein transactions in 2017 and 2018, LBBW has set another milestone in the use of blockchain by the financial sector. With MEAG, asset manager of Munich Re and ERGO, as an investor, the bank as platform provider enabled the issuing company “Weinberg Capital DAC” to conduct a legally effective, digital securities transaction using blockchain for the first time without a paper-based, parallel process.

The sale and redemption of a money market paper valued at EUR 1m and a maturity of five days were transacted entirely using the Corda R3 distributed ledger technology (DLT). Joachim Erdle, LBBW's Head of Corporate Finance, says, "Now we have proved the power of distributed ledger technology with no strings attached." LBBW was advised and supported in the technical implementation by its subsidiary targens, a Corda-R3 partner.

The security is a so-called asset-backed commercial paper (ABCP); in other words, a short-term bond backed by trade receivables of small and medium-sized enterprises and lease receivables, issued by Weinberg Capital DAC. Due to their comparatively advantageous interest rates, such money market papers are instruments frequently used by institutional customers and large corporations to manage their liquidity. When conducted using conventional means, ABCP transactions are complicated, require intense coordination, and generally take two days from the time the order is placed until it is booked. That is because various intermediaries sit between issuer and investor: for example a dealer, plus a paying agent, clearing house, and a custodian for settlement.

Distributed ledger technology eliminates the need for these intermediaries. Every booking is recorded and encrypted in linked sets of data and stored on multiple servers. This technique provides transparency and prevents tampering, thereby allowing streamlined, direct, and secure transactions to be carried out virtually in real time. On the new Weinberg DLT Platform – the first digital ABCP platform on the market – registered investors can subscribe commercial papers directly from the issuer with the aid of a user-friendly interface.

The attribution of the security to the buyer is stored as a token in the blockchain and exchanged for payment immediately (“Delivery versus payment”). Execution takes place in automated fashion via smart contracts. That shortens the transaction process from two days to less than an hour.

This mitigates both the settlement risk and the operational risks during execution. Those risks are the result of the previously needed exchange of data between a large number of actors and the associated interfaces.

The rating agencies Fitch and Moody's were also involved and confirmed the existing rating of the Asset Backed Commercial Paper for the digital issue process.

"Commercial papers are the ideal use case for blockchain because of their long and complicated issuing process involving numerous parties. Thanks to this innovative technology, we will be able to create especially significant benefits for our customers. With our digital Weinberg DLT Platform, we now provide a quick, easy, and secure solution," says Joachim Erdle, Head of Corporate Finance at LBBW.

"As an investor, we see great potential for more efficiency in the blockchain. Thanks to the shorter transaction times, we gain a significant amount of flexibility in our cash management, at the same time generating an interest rate advantage from immediate delivery of the security. Accelerated processing minimizes the counterparty and settlement risks," says Dr. Frank Wellhöfer, member of the board of management at MEAG.

Following the successful pilot transaction, LBBW is now developing further the Weinberg DLT Platform with the goal of opening it up to prospective investors. In the area of trade finance, LBBW is pressing ahead with its blockchain activities as a founding member of the Marco Polo Network. Last but not least, following its ABCP transactions, LBBW is working hard toward the complete digitalization of Schuldschein transactions using blockchain.

About LBBW
LBBW is both a medium-sized universal bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. With total assets of EUR 238 billion and around 10,000 employees (as of 31 Dec. 2017), LBBW is one of the largest banks in Germany. Its core activities are the business with corporate customers, in particular small and medium-sized enterprises and the private customer business, as well as savings banks. A further focus is placed on real-estate financing as well as the customer-oriented capital market business with banks, savings banks and institutional investors.
Through its Weinberg issuing company, LBBW is one of the leading sponsors of ABCP programs in Germany and Europe. By securitizing receivables via Weinberg, LBBW enables its corporate customers to tap into alternative streams of financing that take the stress off their balance sheets. The currently committed transaction volume totals roughly EUR 3bn.

About MEAG
MEAG is the asset manager of Munich Re and ERGO. MEAG has locations in Europe, Asia, and North America, offering its vast expertise to institutional investors and private customers. MEAG manages total investments currently valued at approximately EUR 252bn.

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Together with banks and other institutional investors, MEAG is financing the Southern Europe-Atlantic high-speed railway line in France. The railway route spanning a distance of approx. 300km opened on 2 July 2017 and already transported 9.5 million passengers in the second half of 2017, two million more than in the same period of the previous year. In 2018, the number of passengers came to approximately 20 million.

The route connects the greater Paris area with Bordeaux and reduces the time needed to travel between the two cities to around 2 hours. It is operated by a consortium led by VINCI Concessions under a 50-year concession agreement.

With a volume of EUR 2.2 billion, the refinancing of the project was one of the largest in Europe in 2018. MEAG is participating in the two fixed-interest tranches, which were classified as green bonds by an independent rating agency, contributing an amount in euros in the low three-digit million range.

Holger Kerzel, Managing Director of MEAG: “The financing of this project is a good example of how sophisticated, climate-friendly and trendsetting infrastructure can be privately financed for the benefit of the public sector. We would like other countries to do more to follow this example. We used Munich Re’s Infrastructure Risk Profiler (IRP) to assess the technical risks involved in the project. Investors outside of our Group can also invest in our investment and risk expertise using a fund that has been specifically designed to meet their needs.”

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 252 billion.

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• First round of financing completed at more than EUR 200 million
• Investments made in European infrastructure projects for investors in euros
• Closed-end special fund issued on the Universal-Investment platform

MEAG has opened its second round of financing on first closing of the MEAG Infrastructure Debt Fund Sub-Fund 1. MEAG Infrastructure Debt Fund S.C.S. SICAV-FIS, a regulated closed-end special fund investing in infrastructure debt, is aimed at institutional investors and was issued on Universal-Investment's Luxembourg platform. The fund offers broadly diversified investments with an optimised risk/return profile in this asset class. Investors' commitment amounts to slightly over EUR 200 million to date, with a target volume of EUR 500 million. The target duration in the launch phase will be more than ten years. The first specific debt project will be implemented as early as January 2019.

Harald Lechner, Managing Director at MEAG, responsible for institutional clients, says: "We are pleased to have been able to impress institutional investors from Germany and abroad with our expertise in infrastructure debt and to have generated enthusiasm for investing in the MEAG Infrastructure Debt Fund. We have designed the fund to meet the special requirements of regulated investors. This has met with a positive response on the market and makes us confident about the second round of funding."

Sofia Harrschar, Head of Alternative Investments – Real Assets at Universal-Investment, adds: "We are delighted to have gained MEAG as another successful debt fund manager for our expanding Luxembourg fund platform. We are currently seeing a rapid increase in demand for debt funds, from both investors and asset managers."

Holger Kerzel, Managing Director at MEAG, responsible for illiquid investments, says: "The infrastructure debt asset class offers an attractive illiquidity premium compared to traditional bond investments with comparable maturities. We subject the risks in each of the investment projects to a diligent and in-depth analysis. The crucial factor in this respect is the extensive experience and high degree of expertise in our Infrastructure Debt team for investing in this asset class. Insurance specialists from Hartford Steam Boiler, a Munich Re company, provide due diligence support. In risk analysis, we benefit from Munich Re's "Infrastructure Risk Profiler" service, which provides support for comprehensive risk analysis."

MEAG's practical experience is based on almost 50 projects in which investments were made on behalf of Munich Re (Group) and selected from a total of several hundred promising projects. The income and cash flows from investment projects can be scheduled and are well suited to covering payment obligations that can be calculated in advance. The Infrastructure Debt Fund is equally suitable for investors who are subject to the Insurance Supervision Act (Versicherungsaufsichtsgesetz, VAG). Due to the appropriate attributes of the investment projects, treatment under Solvency II is also advantageous.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 252 billion.
More information is available at www.meag.com

ABOUT UNIVERSAL-INVESTMENT
With around EUR 409 billion in assets under management, of which EUR 321 billion is held in proprietary vehicles and about EUR 88 billion in insourcing, etc., well over 1,200 mandates for retail and special funds as well as some 650 employees, Universal-Investment is the largest independent investment company in the German-speaking region. Through its core services of administration, insourcing and risk management, the company focuses on the efficient and risk-oriented management of funds, securities, alternative investments and real estate. The investment firm is the central platform for independent asset management, combining the investment expertise of portfolio managers, private banks, asset managers and investment boutiques. Established in 1968, the Universal-Investment Group is based in Frankfurt/Main. It has subsidiaries, branches and shareholdings in Luxembourg, Poland and Austria. As one of the pioneers in the investment industry, it is now market leader in the areas of master funds and private label funds. The latest PwC 2017 ManCo survey ranks Universal-Investment as the largest AIFM ManCo in Luxembourg; Universal-Investment also takes top place among third-party ManCos. (As at: 30 November 2018).

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MEAG has purchased the Don Rodrigo solar park in southern Spain. Situated 20 kilometres south of Seville, the facility comprises 500,000 photovoltaic modules installed on 265 hectares of land, with a total output of around 175 megawatts. This makes Don Rodrigo one of the largest solar parks independent of government subsidies in Europe. With the 300 gigawatt hours it generates per year, the park produces enough electricity for 93,000 households.

Holger Kerzel, Managing Director at MEAG, says: "We invest in and finance infrastructure around the globe. Projects like solar and wind parks comprise a substantial proportion of our infrastructure investments. We will continue to add to these investments in the years to come, placing particular emphasis on regional and segment-specific diversification. By doing so, we secure ourselves illiquidity premiums and balance the risks, both in our portfolio of illiquid investments and in our assets as a whole."

The power generated by the plant will be sold through the Norwegian energy group Statkraft, with which MEAG has a 15-year power purchase agreement. The seller of the facility, BayWa, will be responsible for the technical operations. Don Rodrigo is already the third successful collaboration between MEAG and BayWa, after purchases of four solar plants in Great Britain by MEAG in 2015 and 2016.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 252 billion, 13 billion of which in real estate.

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MEAG is investing in 91,000 hectares of forest land in Texas and Louisiana. These forested areas, which are partially connected, together constitute an area as large as the federal state of Berlin.

In view of the persistently low interest rates, MEAG is building up its expertise in alternative forms of investment that offer attractive yields over long periods at acceptable risk levels. The forest asset class meets these requirements, as do investments in infrastructure, private equity and real estate.

But institutional investors have to familiarise themselves intensively with the specifics of this asset class. A careful analysis of all risks and opportunities and special know-how are required in order to adequately assess and make strong forest investments. MEAG decided to build a global forest land portfolio ten years ago, and has since then been growing its capabilities in this field.
The USA are the pioneers in the institutionalisation of the forest asset class. In the 1980s, US paper companies began selling their forests to institutional investors, and since then forests have increasingly become an accepted form of professional investment. Many pension funds in the USA have been invested in forests for a long time already. Viewed historically, the average yield in this asset class has been 5-7% a year, although this fluctuates not only in terms of time scale, but also by region and in dependence on the market's development.

Günter Manuel Giehr, Member of the Board of Management at MEAG and Global Head of Real Estate, says: "Another advantage of forest is that wood is a renewable resource that perfectly meets the demands of sustainability. Only as much wood may be removed from the forest as can be regrown with systematic reforestation. This principle has developed over centuries, and enhanced with social and ecological aspects. Sustainable forest management can provide attractive returns over decades, but many years of experience and proven successes in the field are of key importance when investing in forest."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 252 billion.

Together with banks and other institutional investors, MEAG is financing the public-private partnership (PPP) Blankenburg Connection in the Netherlands.

The project involves the “Design, Build, Finance and Maintenance” (DBFM) of a new highway connection of approximately 4 km (linking the A15 and the A20 roads, to the west of Rotterdam) including a land tunnel of c. 500m (Holland Tunnel), an immersed tunnel of c. 900m (Maasdelta Tunnel) under the Nieuwe Maas (a distributary of the Rhine), two major flyovers and the widening of the existing A20.

The Blankenburg project is the largest PPP project awarded in the Netherlands to date. For MEAG, this project represents the fourth debt-capital investment for Group clients in the Netherlands. MEAG is involved in the funding of two PPP projects for the construction and long-term operation of court buildings in Breda and Amsterdam, and in the long-term PPP financing of the A16 motorway near Rotterdam.

With a project volume of a little over a billion Euros, the Blankenburg Connection PPP is one of the largest PPPs to be realised in the Netherlands in recent years. Providing the connection between two existing motorways, it is one of the major measures for improving traffic flows in and around the economically strong Rotterdam region.

Holger Kerzel, Managing Director at MEAG: "The Blankenburg project is an attractive investment option for clients of Munich Re (Group), with manageable risks and stable and lasting returns. The Netherlands are an excellent example of how the public sector and private investors can join forces for the benefit of the community as a whole."

The procuring authority Rijkswaterstaat selected the BAAK consortium as preferred bidder for the project. The consortium of equity investors consists of Macquarie Capital (70 per cent of SPC), Ballast Nedam and DEME (each 15 per cent of SPC).

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 252 billion, more than € 11 billion of which in real estate.

Wolfgang Wente (54) has been appointed Managing Director of MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH with effect from 1 January 2019. There he will assume responsibility for the Real Estate Fund Management division. In addition to the intra-Group business, MEAG also manages real estate products for institutional clients within the scope of special funds.

After studying business in Siegen, Wolfgang Wente began his professional career in 1992 at BDO Deutsche Warentreuhand. Since 1997 he has been an executive in the field of asset management for Munich Re (Group) with responsibility for the real estate asset class, initially at ERGO Trust and then at MEAG. He represents MEAG in dealings with numerous Group clients and has also been a board member in a global REIT.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 250 billion, more than € 11 billion of which in real estate.

Thomas Kurtz (52), Head of Reinsurance Mandate Management at MEAG and Co-President of MEAG New York, will assume responsibility for the Portfolio Management division as MEAG Managing Director as of 1.1.2019.

Dr. Thomas Kabisch (65), MEAG CEO, says: "Thomas Kurtz has been highly successful in managing the reinsurance group's mandates for many years, and with his extensive experience and high-level expertise, he has been part of the Group's key investment committees for many years. Together we have mastered some difficult phases on the financial markets, proving the Group's resilience."

Philipp Waldstein (53), Head of Portfolio Management and designated MEAG CEO as from 1.1.2019 says: "With Thomas Kurtz we are focusing our investment expertise and customer orientation in a crucial position and will continue to strengthen our portfolio management qualities. I look forward to continuing the close and trustful collaboration with Thomas Kurtz in our MEAG leadership team."

The qualified statistician Thomas Kurtz has been involved in the management of Munich Re's investments since 1996, in leadership roles since 1998. In 2003 he was appointed Head of Reinsurance Mandate Management at MEAG, 2004 assigned to the management board of MEAG New York and 2017 named Co-President of MEAG New York.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around € 251 billion.

Munich Re has scored an "A+" in the latest PRI (Principles for Responsible Investment) assessment for 2017 in the "Strategy and Governance" module. Only 30% of the 340 asset owners worldwide who signed the PRI principles received the "A+" rating. Within the relevant benchmark group of "asset owners", the median is "A".

Munich Re and MEAG also answered questions on the "bonds" asset class for 2017. They gained the very good "A" grade in all four modules of this asset class. Munich Re's ratings for all four individual modules are above the median, i.e. Munich Re is always in the upper half among the competitors.

Dr. Thomas Kabisch, CEO of MEAG, Munich Re (Group's) asset manager, says: "We are very happy about the excellent result, which reflects what we demand of ourselves in terms of responsible investment and ensuring that we meet our short and long-term obligations, both vis-à-vis our clients in the Group and our institutional and private clients from outside the Group as well."

Responsible business and investment has been a top priority at Munich Re for years now. An integrated investment strategy at MEAG, based on ESG criteria (Environmental, Social, Governance), has a positive effect on risk and returns over the long term. That is why Munich Re invests in accordance with the Principles for Responsible Investment (PRI), which were co-developed by Munich Re and signed by Munich Re in 2006 as one of the first German companies. Munich Re and MEAG are working to maintain and further improve this very good result.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of € 251 billion.

MEAG took over wind farm Jenåsen with a total installed capacity of 79 megawatts for Munich Re. The generated electricity will be sold to Google under a long-term purchase agreement.

MEAG acquired the Swedish wind farm Jenåsen for Munich Re in May 2017. After the construction of the Jenåsen wind farm was successfully completed in August 2018, MEAGtakes over all shares of the corresponding project company for Munich Re. The wind farm is located near Sundsvall in central Sweden.

The vendor is Eolus, one of the leading wind farm developers in Sweden, from which MEAG has already acquired five Swedish wind farm for Munich Re. Eolus will also remain responsible for the commercial and technical management of the Jenåsen wind farm.

"We are pleased with the successful completion of the transaction and the further expansion of our portfolio. With its investments in renewable energy Munich Re Group can currently provide electricity to around 590,000 homes," says MEAG Managing Director Holger Kerzel.

MEAG stands for best practice asset management for Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 251 billion.

Luxcara, one of Europe’s leading asset managers for renewable energy investments, and MEAG, the asset manager of Munich Re and ERGO, have initiated and structured a project bond to finance a wind farm in Norway. A lower three-digit million euro amount of project bonds has been privately placed with investors of Munich Re (Group). Equity is provided by a renewable energy fund for institutional investors, which is advised by Luxcara.

The financing of the construction and commissioning of the wind farm Eikeland-Steinsland, which has a capacity of 155.4 MW, is based upon a long-term power purchase agreement (PPA) with Facebook.

"We are very happy to have initiated and structured together with MEAG a project bond for a renewable energy project with a PPA in Europe", says Dr. Alexandra von Bernstorff, Managing Partner at Luxcara.

Holger Kerzel, Managing Director of MEAG: „We like to invest in renewable energy and we like to support the energy transition from fossil fuels to renewable energy. Financings of the private sector are an important contribution for the development of renewable energy."

Luxcara and MEAG jointly structured the financing. Acting as the arranger, MEAG represents Munich Re's institutional investors. Luxcara was advised legally by Norton Rose Fulbright and MEAG by White & Case LLP. The financing of the wind farm benefits from an insurance package which has been structured by Munich Re's Corporate Insurance Partner. Furthermore, Munich Re's inhouse technical advisor Hartford Steam Boiler Inspection and Insurance Co. (HSB), Connecticut has been employed in the technical due diligence.

About MEAG MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets of € 251 billion.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets of € 251 billion.

About LuxcaraLuxcara is an independent asset manager that creates investment opportunities in renewable energy and infrastructure for institutional investors. The owner-managed company was founded in 2009 by the sole shareholders, Dr. Alexandra von Bernstorff and Kathrin Oechtering. Luxcara acquires, structures, finances and operates renewable energy portfolios with emphasis on selling energy based on long-term power purchase agreements.

Luxcara is an independent asset manager that creates investment opportunities in renewable energy and infrastructure for institutional investors. The owner-managed company was founded in 2009 by the sole shareholders, Dr. Alexandra von Bernstorff and Kathrin Oechtering. Luxcara acquires, structures, finances and operates renewable energy portfolios with emphasis on selling energy based on long-term power purchase agreements.

Luxcara's portfolio comprises solar and wind power plants in Europe with a total capacity of almost one gigawatt and an investment volume of nearly 2.3 billion euros. With this extensive track record, Luxcara is one of the most experienced asset managers in the renewable energy sector.

• Berenberg, MEAG and Talanx have jointly structured the first financing by institutional investors of a German regional passenger rail franchise (SPNV) through a leasing structure with Deutsche Anlagen Leasing (DAL).
• Affiliates of MEAG and Talanx acted as debt investors to fund new rolling stock for the Ulm area SPNV franchise.
• Berenberg Private Bank was Coordinator and Arranger of the transaction, utilising its extensive experience in the infrastructure market.

Operation of the Ulm area network was tendered via a competitive European public procurement process, led by Bayerische Eisenbahngesellschaft (BEG). DB Regio, which currently operates the franchise, was granted the continued operation of the network on February 2018 for an additional twelve years.

The new rolling stock will be financed through a Special Purpose Vehicle (SPV) formed by Deutsche Anlagen Leasing (DAL). The Alstom Coradia Lint 41 and 54 trains will benefit from redeployment guarantees by the public transport authorities to ensure usage of the new fleet beyond the concession's twelve year term. Alstom Transport Deutschland will produce the trains at its plant in Salzgitter.

The public will benefit from efficient and competitive regional passenger rail services over the next few decades, while the rolling stock renewal will reduce emissions over the same time span compared with the trains currently in use.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently manages assets to the value of around € 250 billion.

MEAG has purchased a 25% indirect managed stake in SouthWest Water Company ("SWWC"), a water and wastewater utility in the US. All conditions to closing have been obtained, including receipt of necessary regulatory approvals. The transaction was closed on June 14, 2018.

SWWC owns and operates water and wastewater infrastructure in Alabama, California, Oklahoma, Oregon, South Carolina and Texas, altogether serving over 350,000 customers. Customer rates, service and water quality are either regulated by state agencies or set by long-term municipal contracts. Almost the entire business profit derived from regulated operations.

With the completion of this transaction, MEAG is further increasing its involvement in its core market in the US, as well as further deepening its exposure in the regulated utilities space. "Our investment in SWWC diversifies our participation into the field of water and wastewater infrastructure. We are happy to include this sound and well-positioned business into our portfolio," says Holger Kerzel, MEAG Managing Director.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently manages assets to the value of around € 250 billion.

Philipp Waldstein (52) has been appointed as CEO of MEAG – asset manager of Munich Re and ERGO – as of 1 January 2019. He will be following Dr. Thomas Kabisch (64), who is retiring at the end of 2018. Philipp Waldstein is currently Member of the Board of Management at MEAG, in charge of portfolio management.

Dr. Joachim Wenning, CEO of Munich Re and chairman of the MEAG shareholders’ meeting, says: "The Group's asset management process driven by MEAG and the colleagues at Munich Re and ERGO is a significant value driver for Munich Re, which has proven its value during crises with resilience and very pleasing results. Continuity in MEAG's management and a sustained close and trusting relationship within the Group are therefore of great importance to me. I am very happy to have an experienced and successful colleague within the Group in the person of Philipp Waldstein. He stands for these values and will take on the future challenges with zeal and ambition. I wish him success in this endeavour."

Philipp Waldstein, designated MEAG CEO, says: "I am grateful for the trust and confidence being placed in me. Together with the entire staff at MEAG, we will provide excellent service for the Group."

Dr. Thomas Kabisch, current MEAG CEO, says: "I wish to express my thanks to all of my colleagues at MEAG and throughout the Group for all the successful years we have shared in the field of asset management. I wish Philipp Waldstein all the best and success in his future responsibilities."

Philipp Waldstein has been in charge of portfolio management at MEAG since 2013. Before joining the MEAG management, he was a leading executive in various functions at UniCredit in Munich, Milan and Luxemburg.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients. MEAG currently manages assets to the value of around € 250 billion.

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Dr. Hans-Joachim Barkmann (57) has been appointed to the MEAG MUNICH ERGO AssetManagement GmbH management board as from 1 January 2019, where he will take over from Günter Manuel Giehr (60), who is retiring at the end of 2018.

Dr. Thomas Kabisch, chairman of the board, says: "It is important for us to have a close and trusting working relationship at MEAG to ensure the success of the Group's asset management. So I am very happy that Dr. Barkmann – a colleague with a proven track record, an enormous background of experience in the industry and outstanding real-estate expertise – is assuming the responsibility for the real estate asset class in our company group. I wish Dr. Barkmann all the best and continued success in his new position."

Dr. Hans-Joachim Barkmann started working for MEAG on 1 January 2005 as the Managing Director of MEAG Real Estate Hamburg GmbH, where he was initially responsible for ensuring the sustained quality and effectiveness of the property and tenant services, and for optimising the tenancy levels of the entire portfolio of German residential and commercial properties in 2006/2007. On 1 September 2008, he was appointed to the position of Managing Director of MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, where he has lastingly improved the earning power of the Group's property holdings with great commitment and dedication.


MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 252 billion, 11 billion of which in real estate.

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MEAG increased the value of the real estate assets under its management in 2017 to almost 11 billion euros. Its transaction volume amounted to 870 million euros, of which 750 million were acquisitions and 120 million sales.

Günter Manuel Giehr, Global Head of Real Estate at MEAG, says: "Our strategic focus remains unchanged. We are growing our holdings at prime locations with top-quality properties, and disposing of real estate that we feel does not hold enough promise for the future over the long term. We are also optimizing our portfolio. Where we feel that the long-term quality can be accomplished again by means of cost-effective investments, we are making those investments. That puts us in the perfect position to act when the markets turn. And sooner or later they will."

Among our biggest individual acquisitions last year was an office complex in Washington D.C., followed by investments in top German venues with a focus on the high street retail, residential and logistics segments of the market. Our commercial lease volume amounted to 65,000 square meters in 2017, and throughout the course of the year we were able to further improve the occupancy ratios of our domestic and international properties with attractive tenants. With regard to the plans for the coming year, Giehr says: "We will continue to invest in properties that are attractive over the long term, as long as we can purchase that quality at acceptable prices."

MEAG stands for best practice asset management for Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 258 billion, 11 billion of which in real estate.

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MEAG has advised MR Infrastructure Inc., a US subsidiary of Munich Re on the acquisition of The Washington Building, a trophy office and commercial building in Washington D.C., with an exclusive location at 1440 New York Avenue, just yards from the White House.

This 11 story building, has over 200,364 sq ft of office and 13,113 sq ft of retail space, as well as 64 underground parking spaces. The offices are leased entirely to the legal firm Skadden, Arps, Slate, Meagher & Flom LLP. The seven retail units are also under lease, including White House Gifts.

Thanks to its prominent corner location, theWashington Building enjoys excellent natural lighting and offers flexibility for varying office floor plans. One highlight is the new roof terrace constructed in 2013 with an unobstructed and spectacular view of the White House, the Washington Monument and all the way up to the Pentagon.

Dr. Hans-Joachim Barkmann, MEAGMember of the Board, says: "MEAG pursues a long-term investment strategy designed to generate calculable and steady returns. The location and quality of this building make it a highly sought-after property with lasting value that fits perfectly in the real estate portfolio of a global insurance group".

The Seller was advised by Cushman & Wakefield, while MEAG had support from EastBanc. The parties have agreed to not disclose the purchase price.

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets of € 252 billion, eleven billion of which are in real estate.

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