GEWOBAG AFFORDABLE HOUSING BERLIN

The investment loan will support one of the largest municipal housing companies in the State of Berlin in implementing its multiannual investment programme.

The aim is to co-finance the construction of about 1,465 social and affordable rental housing, as well as student accommodation, together with the related urban development infrastructure. Although the construction of some buildings may have already started, the EIB will assess the project costs during appraisal to ensure that most eligible costs are incurred in the coming years.

The Project encompasses the construction of new social and affordable rental housing, student accommodation, and an aparthotel designed for temporary stays by both domestic and international workers. These dwellings will be aimed at low- and middle-income citizens. The residential development will be complemented by a kindergarten, local commercial spaces, a mobility hub and parking facilities, as well as related urban development infrastructure. The Project helps to alleviate shortages in the local housing market and to meet the strong demand in the City of Berlin, particularly among low- and middle-income citizens. The Project is in line with the objective of Social Investments, as set out in Annex II of the InvestEU Regulation. It supports the implementation of the European Pillar of Social Rights. It contributes to improvements in the built environment and to urban regeneration making neighbourhoods more sustainable. The Project is expected to contribute to the EIBG Social Infrastructure Strategic Priority and to the Climate Action and Environmental Sustainability objective. The Project is eligible under Article 309 point (c) common interest of the Treaty on the Functioning of the European Union (TFEU).

The loan plays a crucial role in supporting the Borrower's extensive housing investment programme and establishing a stable long-term funding foundation. It will also enable Gewobag to access long-term funds over an extended period, matching the project implementation schedule and the long-term nature of these investments. The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Where applicable, and based on a risk-based approach as defined in the EIB Environmental and Social Policy, compliance with the Environmental Impact Assessment Directive 2011/92/EU as amended by Directive 2014/52/EU, the Strategic Environmental Assessment Directive 2001/42/EC, the Birds Directive 2009/147/EC and the Habitats Directive 92/43/EEC will be verified during appraisal. The status of any environmental studies and public consultations, as well as the alignment of energy efficiency requirements with the EU Directive on the Energy Performance of Buildings 2010/31/EU, as amended, will also be assessed, if needed, during project appraisal.

The promoter shall ensure that contracts for the implementation of the project are tendered in accordance with applicable EU procurement legislation, including Directive 2014/24/EU and Directive 89/665/EEC as interpreted by the Court of Justice of the European Union, with publication of tender notices in the EU Official Journal where required. Information on the main suppliers or contractors awarded contracts for the implementation of the envisaged operation is not available.