SFL, the French subsidiary of Spanish property group and SOCIMI Colonial, has signed a five-year €835 mln sustainability-linked revolving bank credit facility.
The margin is referenced to the fulfilment of three ESG performance indicators, linked Colonial’s objectives and strategy for reducing carbon emissions, ESG asset certification and Global Real Estate Sustainability Benchmark (GRESB) rating.
The GRESB rating analyses and compares the ESG performance and best practices of companies active in the sector.
The credit facility, which offers two one-year extension options, will enable Colonial's French subsidiary to increase its liquidity, simplify its financial structure and improve and extend the maturity of its credit lines.
Carmina Ganyet, corporate CEO of Colonial, commented: ‘This transaction, carried out in an uncertain financial environment, reflects the robustness of Grupo Colonial's balance sheet and its leadership in ESG, allows it to refinance existing lines and gives the Group the means to seize growth opportunities.’
This credit facility has been syndicated through a pool of 10 leading banks, with BNP Paribas and CaixaBank acting as sustainability coordinators, with BNP Paribas also being the transaction coordinator and facility agent.
