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 2.551% Series 5 Senior Notes maturing June 24, 2026 (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 third green bond offering and were issued under QuadReal’s Green Bond Framework, established in July 2020. Proceeds from the offering will be invested to support sustainable initiatives on green buildings, renewable energy, resource and energy efficiency, pollution prevention, clean transportation, and climate change adaptation. QuadReal’s Green Bond Framework and Annual Green Bond Report are available at Green Bond Framework.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “Our team’s responsibility to the environment is fundamental to our commitment to our stakeholders. This includes investing in innovative solutions to reduce our environmental footprint and progress toward net zero. We embed this dedication into every facet of our development program in Canada and we are very pleased to have a well-established sustainable financing platform that supports current and future projects.”
The Senior Notes were made on a private placement basis to accredited investors in Canada and 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 Bank Securities, National Bank, RBC Dominion Securities Inc. and SMBC as co-managers.
About QuadReal Property Group and BCI QuadReal Realty
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
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.