Ivanhoé Cambridge and Natixis Assurances, partners in the Duo project in Paris, have obtained the Climate Bond Certified label awarded by Climate Bonds Initiative (CBI) for the scheme's €480 mln credit finance.
According to the two firms, the certification makes this Europe’s first green-labelled commercial real estate loan. The Jean Nouvel-designed double tower is being developed by Ivanhoé, with Hines as development manager. Natixis is the primary tenant and investor in the scheme.
'Our quest for the highest environmental standards in our projects is an integral part of our best practices in corporate social responsibility,' said Nathalie Palladitcheff, president, Ivanhoé Cambridge.
'We are excited to be the first to obtain a commercial real estate loan in Europe certified green by CBI, making us part of the movement for responsible financing in our industry.'
'Natixis is proud to have supported Duo Paris as green certification agent, confirming our ability to devise innovative green financing and investment solutions for our clients,' said Louis Douady, head of environmental and social responsibility at Natixis. 'This benchmark reflects the ambition of our new strategic plan to become a major player in green finance.'
The loan was granted to Duo by a banking syndicate consisting of BNP Paribas, Crédit Agricole Corporate & Investment Bank, Deutsche Pfandbriefbank AG, La Banque Postale, Natixis and Banque Européenne du Crédit Mutuel, represented by Crédit Agricole Corporate & Investment Bank as agent.
To obtain the CBI certification, Duo mandated Oekom research AG as verifier of the Low Carbon Buildings – Commercial Properties (real estate) standard and established the structure of the reporting for the monitoring of environmental certifications, energy consumptions and CO2 emissions.
