European logistics property specialist P3 has announced that it has raised €1 bn through the issue of its inaugural senior unsecured dual-tranche green bond with a four and seven year maturity.

green bond

Green Bond

The bonds will bear a fixed coupon of 0.875% for the 4-year tenor, and 1.625% for the 7-year tenor.
 
Frank Pörschke, P3 Logistic Parks CEO, commented ‘Logistics real estate continues to exhibit strong fundamentals with favourable long-term supply and demand trends due to the ongoing growth in eCommerce, as well as related supply chain optimizations. We are pleased by the strong level of demand for our first green bonds issuance from institutional investors, which illustrates the strength of our business model and the appeal of our high-quality, sustainable portfolio of logistics assets in attractive locations across continental Europe.’

He added: ‘Our focus remains on growing profitably, and sustainably, which is why we have launched our Green Financing Framework at the end of 2021 to support the issuance of Green Bonds. Together with the support of our shareholder, GIC, we plan to continue our dynamic growth journey in the coming years, partly funded by possible repeat issuances in the bond market.’
 
BNP Paribas, Deutsche Bank AG, HSBC, ING Bank, J.P. Morgan acted as Active Joint Bookrunners, CA-CIB, SMBC Nikko, UniCredit as Passive Joint Bookrunners with BNP Paribas and HSBC as Joint Green Structuring Agents. Rothschild & Co acted as indepdendent financial advisor and White & Case acted as legal advisor on all financing transactions.