Norton Rose Fulbright advises European Investment Bank on €60 million financing of construction project in Hanover

Global law firm Norton Rose Fulbright has advised the European Investment Bank (EIB) on the pro-rata financing of the "Hannover Social and Affordable Housing" project. 

The €204 million project, to which the EIB will contribute €60 million, is aimed at building social housing and affordable rental housing in Hannover. The project promoter is hanova WOHNEN GmbH. 

The project is the first investment support in Germany implemented by the EIB under the InvestEU investment program. It will contribute to urban renewal and is intended to relieve the burden on low and middle-income households in particular. The housing investments concerned are part of local urban development plans. Particular emphasis will be placed on achieving the high energy efficiency standard NZEB (nearly zero-energy buildings) in the new buildings. 

The InvestEU program builds on the successful model of the Investment Plan for Europe, the "Juncker Plan", which mobilised more than €500 billion in 2015-2020. Over the period of 2021-2027, the InvestEU program aims to provide further impetus for investment, innovation and job creation in Europe by triggering a new investment push of more than €370 billion in additional funding through an EU budget guarantee.

The Norton Rose Fulbright team in Hamburg was led by banking and finance partner Veit Sahlfeld. He was supported by senior associate Dr. Michael-Alexander Volks and associate Marvin Nimoh. The EIB's legal team was led by Counsel Dr. Björn Bronger. Norton Rose Fulbright regularly advises the EIB on financing issues. 

The project promoter was advised by the law firm Greenberg Traurig.