CA Immo placed a €300 million fixed rate senior unsecured green bond with a 3-year maturity and an annual coupon of 3.5%. The issuance was more than 5 times oversubscribed at final terms, with demand from around 70 investors.
An application is being filed to list the bond on the official market of the Vienna Stock Exchange. The rating agency Moody's has assigned an investment grade rating of Baa3 to the bond. The company intends to use the expected net proceeds to finance or refinance a portfolio of eligible projects as defined in its Green Financing Framework of April 2024.
"This latest transaction confirms CA Immo's access to the capital markets for unsecured green financing," said Andreas Schillhofer, CFO of CA Immo. "We will use the proceeds, among other things, to refinance the bond maturing in February 2027, thereby improving our maturity profile. A solid balance sheet, conservative debt levels, and our investment-grade rating form the foundation for the implementation of our prime office strategy in Germany, with our largest development project in Berlin being handed over to the tenant shortly, two fully leased development projects under construction and two additional projects in planning."
Crédit Agricole CIB, Deutsche Bank, Erste Group and UniCredit acted as Joint Lead Managers and Joint Bookrunners.
CA Immo currently holds real estate assets worth approximately €4.6 billion in Berlin, Munich, Frankfurt, Vienna, Warsaw, Prague, and Budapest.
