QuadReal announces closing of $400 million green bond senior note offering
QuadReal Property Group (“QuadReal”) is pleased to announce today the successful green bond issuance of $400 million of 1.056% Series 4 Senior Notes maturing March 12, 2024 (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.
The Senior Notes were BQR’s second 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 TD Securities Inc., CIBC, HSBC and Scotiabank and included BMO Capital Markets, Mizuho Securities, National Bank, RBC Dominion Securities Inc. and SMBC as co-managers.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “This is our second green bond issuance and we are very pleased with the strong investor support we received. We continue to grow our green bond platform to fund projects that reflect our commitment to sustainability and innovation. Our ability to access the green market has expanded the range of investors with whom we do business and helps us to secure the lowest cost of financing.”
Lawson added, “In the last year, QuadReal has raised borrowings of CAD $2.3 billion for BQR, including the two green bond issuances totalling CAD $750 million. With an average term of 6.1 years and an average coupon of 1.45%, going forward, performance will be enhanced accordingly.”
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.
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 $171.3 billion portfolio as of March 31, 2020.
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.