Stoneweg European Real Estate Investment Trust (REIT), formerly Cromwell European REIT, received “overwhelming support” for its €500m green bond issue, attracting demand five times the amount.
The Singapore-listed trust said institutional investors took up the six-year bonds.
Simon Garing, CEO of Stoneweg European REIT, said: “Demand from over 100 major international debt investors reached more than €2.4bn, representing oversubscription of nearly five times.”
Garing said the proceeds will be used almost immediately to redeem the outstanding notes due November 2025, for general corporate purposes and to finance eligible green assets and projects.
He added: “I am pleased we have put to good use our green financing framework to issue our first green bond, taking Stoneweg European’s total to more than €1.1bn in green bonds and sustainability-linked finance facilities.
Last week, Stoneweg European REIT updated its Green Financing Framework, originally established in April 2022, to reflect updates to its sustainability strategy and the change in name, in alignment with the REIT sponsor to Stoneweg European REIT and Stoneweg, respectively.
Stoneweg Icona Capital Platform with its subsidiaries and associates, is the sponsor and 28% substantial unitholder of Stoneweg European REIT. The venture by alternative investment group Icona Capital and real estate investment group Stoneweg currently has around €9bn of assets under management.
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