QuadReal Announces Closing of $350 Million Inaugural Green Bond Senior Note Offering
QuadReal Property Group (“QuadReal”) is pleased to announce today the successful green bond issuance of $350 million of 1.747% Series 2 Senior Notes maturing July 24, 2030 (the “Senior Notes”) issued by BCI QuadReal Realty (“BQR”). BQR serves as the primary issuing entity of unsecured notes for British Columbia Investment Management Corporation’s (“BCI”) real estate program. BCI is a Canadian leader in investment fund management that provides services to British Columbia’s public sector.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “On the back of a successful inaugural issuance and continuing low interest rate environment, our green bond platform provides additional capital in support of QuadReal’s industry-leading sustainability practices and initiatives. We have the team and experience to drive innovative solutions to reduce energy consumption, pollution and waste in our portfolio.”
In line with the Green Bond Framework established by QuadReal, this pool of capital will support qualifying expenditures on green buildings, renewable energy, resource and energy efficiency, pollution prevention, clean transportation, and climate change adaptation. QuadReal’s Green Bond Framework is available at www.quadreal.com/sustainability/green-bonds.
“We appreciate being able to benefit from the growing demand for green and sustainable financing. The issuance was well received, broadly distributed to 57 investors and with over 70% of the issuance attributable to green investors,” added QuadReal’s John Lee, Senior Vice President, Treasury and Capital Markets. “The successful execution of this transaction reflects the alignment between QuadReal’s vision for sustainable finance and the objective we share with our clients and investors to invest responsibly.”
The Senior Notes were BQR’s inaugural green bond offering made on a private placement basis to accredited investors in Canada. The Senior Notes are rated AA (low) with a stable trend by DBRS Limited. The offering was made on an agency basis by a syndicate of agents co-led by RBC Dominion Securities Inc., BMO Capital Markets and TD Securities Inc. and included CIBC, Scotiabank, HSBC and National Bank.
About QuadReal Property Group and BCI QuadReal Realty
Headquartered in Vancouver, Canada, QuadReal is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of BCI, one of Canada’s largest asset managers with a $153.4 billion portfolio as of March 31, 2019.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
BCI QuadReal Realty is an actively managed pooled investment portfolio of real estate and real estate- related investments. All the assets of BQR are held in trust by BCI and managed by QuadReal Property Group. BQR’s holdings span property types, geographic locations, investment sizes and risk profiles.
BQR’s investment strategy is to be well-diversified and to hold quality properties and investments that will perform well across multiple economic cycles. BQR was formerly known as Realpool Investment Fund.