Ivanhoé Cambridge has announced the issuance of its first sustainability bond for an amount of C$300 mln (€204 mln).
The issue carries a coupon rate of 4.994% and matures on June 2, 2028.
Ivanhoé Cambridge is the first real estate investor to issue a senior unsecured sustainability bond in Canada. This sustainability bond has enabled Ivanhoé Cambridge to broaden its investor base and marks another important step in the company’s ambition to be a leading global sustainable investor, the company said.
The bond was placed with 35 investors, and the funds raised will be used to finance or refinance eligible projects as defined in the new Sustainable Financing Framework available on Ivanhoé Cambridge's website.
'For a number of years, we have sought to reconcile the ESG performance of our portfolio with the company’s financing strategies,' said Simon Lauzier, Chief Financial and Business Performance Officer, Ivanhoé Cambridge. 'This first sustainability bond follows our inaugural green bond issuance in 2019. By incorporating new criteria, particularly in terms of affordability, it represents a real innovation in the market and confirms our desire to play a leading role in the property industry in terms of sustainable investment. This approach also enables us to deepen and strengthen our relationships with our financial partners by demonstrating our ability to innovate in the field of sustainable financing.'
Stéphane Villemain, head of Sustainable Investment, Ivanhoé Cambridge, added: 'We are convinced that sustainable investments are profitable in the long term and, more than ever, we want to combine environmental and financial performance together. This first sustainable bond will help to fund initiatives aimed at improving our assets’ environmental and social performance, and thus further our ambition to have a significant and lasting impact on our communities.'
