QuadReal Transitions $2.5 Billion Bank Credit Facility To Largest Sustainability-Linked Facility In Canada’s Real Estate Sector
Company’s inaugural sustainability-focused credit facility demonstrates further commitment to sustainable finance.
QuadReal Property Group (“QuadReal”) is pleased to announce the successful closing of its $2.5 billion senior unsecured bank credit facility with sustainability-linked performance targets (“SLL Facility”). The company amended and extended BCI QuadReal Realty’s (“BQR”) existing credit facilities transitioning the facilities into an SLL Facility. BQR serves as the primary financing entity for British Columbia Investment Management Corporation’s real estate program.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “We’re very pleased to have transitioned our credit facilities into an SLL Facility as it reflects the continued growth and evolution of our sustainable financing program. We are able to advance these initiatives because of a demonstrated track work to invest in innovative solutions to reduce our environmental footprint.”
Lawson added, “I thank my colleagues for their day-to-day commitment to reduce our carbon footprint and to support our tenants and residents with tools to achieve their own initiatives. Our clients and colleagues expect nothing but a full out effort to do so.”
The committed 3-year, $2.5 billion SLL Facility incorporates two sustainability-linked performance targets related to reductions in greenhouse gas intensity and energy usage. The terms include incentive pricing which reduce or increase BQR’s borrowing costs if the targets are met or missed, respectively. TD Securities, RBC Capital Markets, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and Bank of Montreal are acting as co-lead arrangers and joint bookrunners. Additional lender participants include National Bank Financial, HSBC Bank Canada, Fédération Des Caisses Desjardins du Québec, Mizuho Bank, Wells Fargo Bank, China Construction Bank, Deutsche Bank, Bank of America and Sumitomo Mitsui Banking Corporation. The Toronto-Dominion Bank acted as the Administrative Agent and Sustainability Structuring Agent for the transaction.
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 $67.1 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.