CBRE Global Investors has raised €500m for a fund it sponsors via a green bond issue to invest in projects.
The global real assets investment manager said the order book for its first bond issuance in Europe reached more than €1.7bn from over 100 orders and was oversubscribed.
“Over 93% of the deal was allocated to high-quality European ‘buy and hold’ accounts with the majority of the bond allocated to asset managers and insurance companies,” the manager said.
CBRE GI said the pricing of the debt offering of senior unsecured notes marks the first-ever issuance direct from a SICAV structure in the investment-grade corporate bond market. It also represents the first issuance executed directly from a fund-level entity.
Duco Mook, head of treasury and debt financing, CBRE Global Investors, said the majority of the investors that the company engaged with had placed orders, which is testament to the strength of the fund’s credit and market backdrop.
“It was not surprising to see that our green finance framework was of particular interest to investors.
“With an increasing demand for green loans from long-term investors, it was always a requirement for this issuance. This aligns with our ESG ambitions and net-zero targets both at a fund and corporate level.“
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