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QuadReal Transitions $2.5B Credit Facility to Largest Sustainability-Linked Facility in Canada’s Real Estate Sector

April 04, 2022, 07:30 AM
Filed Under: Real Estate

QuadReal Property Group (“QuadReal”) closed 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.

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.

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.”

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