Company’s first sustainability-focused credit facility demonstrates further commitment to sustainable finance
VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) — QuadReal Property Group (“QuadReal”) is pleased to announce the successful closing of its $2.5 billion senior unsecured bank credit facility with performance objectives linked to sustainable development (“SLL Facility”)). The Company amended and extended BCI QuadReal Realty’s (“BQR”) existing credit facilities by converting the facilities into an SLL facility. BQR is the main financing entity for the real estate program of the British Columbia Investment Management Corporation.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “We are very pleased to have transitioned our credit facilities to an SLL facility, as this reflects the continued growth and evolution of our sustainable finance program. We are able to drive these initiatives forward through demonstrated track work to invest in innovative solutions to reduce our environmental footprint.
Lawson added, “I thank my colleagues for their daily commitment to reducing our carbon footprint and supporting our tenants and residents with tools to realize their own initiatives. Our clients and colleagues expect nothing less than a total effort to achieve this.
The 3-year, $2.5 billion SLL facility incorporates two sustainability-related performance targets related to reductions in greenhouse gas intensity and energy consumption. The terms include incentive pricing that reduces or increases BQR’s borrowing costs if targets are met or missed, respectively. TD Securities, RBC Capital Markets, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Bank of Montreal act as co-managers and joint bookrunners. Other participating lenders 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 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, operation and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. Since its inception in Canada as a full-service real estate operating company, QuadReal has expanded its equity and debt investment capabilities in both public and private markets. QuadReal invests directly, through programmatic partnerships and through operating companies in which it holds an equity interest.
QuadReal seeks to deliver strong returns on investment while creating sustainable environments that deliver 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 BQR assets 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 through multiple economic cycles. BQR was previously known as Realpool Investment Fund.