19.12.2025
AS Kapitel group company Kapitel CRE 1 B.V signed EUR 25 million loan agreement with one of the largest German banks BayernLB for refinancing Kapitel’s iconic highly sustainable A-class office building called Monarch Tower located in the CBD of the Hague in the Netherlands. Monarch Tower with BREEAM New Construction sustainability certificate level Excellent and thermal heating and cooling systems attracted very strong interest from large pool of international lenders and the loan agreement was signed as a result of the highly competitive structured financing process. The transaction was advised by Cushman & Wakefield EMEA Debt & Structured Finance team and Loyens & Loeff on behalf of Kapitel and Baker McKenzie on behalf of BayernLB.
Holger Tilk, Head of Investments of AS Kapitel: “A start of cooperation in the new market with one of the largest German banks is a great acknowledgement to the long-term determined work of Kapitel, its investment decisions and constitutes a beginning of a new era in the development of Kapitel. I want to thank BayernLB for the trust and very pleasant process. I am convinced that we will have a reason to cooperate again not in the very distant future. Big thank you’ s also to our supporting team of Maarten de Jong, Shrila Sewnarain Sukul, Kim Koops, Erwin Bosma, Levent Sag and Mike Kempermann”.
Annemarie Leeuwen, Head of Real Estate BayernLB Amsterdam branch: “We are pleased to have supported AS Kapitel with the financing of their first investment in the Netherlands. This marks an important step in their journey. We thank AS Kapitel for their trust, and we look forward to continuing our collaboration with AS Kapitel in the near future.”
BayernLB is one of the leading commercial banks in Germany with headquarter in Munich and offices in Frankfurt, Düsseldorf, Hamburg, Berlin, Amsterdam, Paris, Milan, London and New York. BayernLB has established itself as a bank with a clear focus on innovative and future orientated industrial sectors of the economy. The activities include real estate where BayernLB Group is positioned as one of the country’s as well as European top property financiers and asset managers. The Real Estate Division, a core business area of the bank, finances property in all asset classes – offices, retail space, residential property, logistics centres and managed real estate with a focus on sustainability. The activities of the bank is reflected in a diverse , wide ranging customer base, spanning from project developers to private investors and housing companies, including institutional fund sponsors and investors as well as asset management companies. Its banking products include everything from short-term project finance to long-term commercial financing.
Kapitel (www.kapitel.ee) is one of the largest real estate companies in the Baltics, with a portfolio of more than 350,000 m² of rental premises. The company owns six office buildings (Delta Plaza, Sõpruse Ärimaja and Arter Quarter in Tallinn, Elemental Business Centre in Riga, Narbuto 5 in Vilnius, I.P. Pavlova 5 in Prague and Monarch Tower in The Hague). According to the 2024 Real Estate Brand Value Study, conducted by European Real Estate Brand Institute, Kapitel is the strongest office developer brand in the Baltics. The company is also a majority shareholder in four shopping centres and the company’s portfolio includes also two hotels in Tallinn and three industrial/logistics properties around Tallinn.