Ivanhoé Cambridge has announced that the principal holder of its Canadian retail and office portfolio, Ivanhoé Cambridge II Inc, has completed a green bond offering.
IC II issued $300 million aggregate principal amount of senior unsecured green bonds maturing on December 12, 2024, with TD Securities Inc and RBC Dominion Securities Inc acting as Joint Bookrunners and BMO Nesbitt Burns Inc, CIBC World Markets Inc, Desjardins Securities Inc, HSBC Securities (Canada) Inc, and Scotia Capital Inc as Co-Managers.
This is the first issuance of unsecured green bonds in Canada by a real estate entity.
This green bond offering will be dedicated to fund eligible green initiatives in accordance with the recently developed Ivanhoé Cambridge Green Bond Framework, which has been reviewed by Sustainanalytics, a global leader in ESG research, ratings and analysis.
Sustainalytics issued a second party opinion confirming that the Ivanhoé Cambridge Green Bond Framework aligns with the International Capital Market Association’s Green Bond Principles 2018.
The company said: “As a responsible investor, Ivanhoé Cambridge creates living spaces that foster the well-being of people and their communities while reducing its environmental footprint. In keeping with its business strategies and with its commitment to sustainability, Ivanhoé Cambridge strives to implement innovative initiatives that are aligned with the industry’s highest standards and best practices to deliver on its corporate social responsibility (CSR) vision.
“Ivanhoé Cambridge decision-making process and actions are underpinned by this sustainable and responsible vision, from developing top-quality buildings in accordance with the most stringent industry standards, to finding effective ways to reducing its carbon footprint, to providing its employees with motivating work environments or giving back to the community.
"This initiative is perfectly aligned with our CSR vision and our desire to find innovative ways to finance our activities in a sustainable way for generations to come", said Simon Lauzier, Chief Financial and Business Performance Officer. "Establishing a Green Bond Framework allowed us to be the first real estate corporation to issue unsecured green bonds in Canada, which in turn will help the industry continue its evolution towards offering more green investment opportunities."
