QuadReal Closes $350 Million Green Bond Offering
British Columbia-based QuadReal Property Group announced the closing of a $350 million green bond offering. The offering consisted of 1.747% Series 2 Senior Notes maturing July 24, 2030, issued by BCI QuadReal Realty (BQR), and was co-led by RBC Dominion Securities Inc., BMO Capital Markets and TD Securities Inc. in a syndicate that also included CIBC, Scotiabank, HSBC and National Bank.
QuadReal is a global real estate investment, operating and development company, that manages the real estate and mortgage programs of the British Columbia Investment Management Corporation (BCI), the $150 billion investment management services provider for British Columbia’s public sector. BQR is an actively managed pooled investment portfolio of real estate and real estate- related investments, with assets held in trust by BCI and managed by QuadReal. Earlier this month, BCI released its updated ESG policy.
Tamara Lawson, QuadReal Chief Financial Officer, said:
“On the back of a successful inaugural issuance and continuing low interest rate environment, our green bond platform provides additional capital in support of QuadReal’s industry-leading sustainability practices and initiatives. We have the team and experience to drive innovative solutions to reduce energy consumption, pollution and waste in our portfolio.”
According to QuadReal, the capital raised in the issue will support qualifying expenditures on green buildings, renewable energy, resource and energy efficiency, pollution prevention, clean transportation, and climate change adaptation, in line with the firm’s Green Bond Framework.
John Lee, Senior Vice President, Treasury and Capital Markets at QuadReal, said:
“We appreciate being able to benefit from the growing demand for green and sustainable financing. The issuance was well received, broadly distributed to 57 investors and with over 70% of the issuance attributable to green investors. The successful execution of this transaction reflects the alignment between QuadReal’s vision for sustainable finance and the objective we share with our clients and investors to invest responsibly.”