CA Immo has successfully placed a fixed-rate, unsecured, and unsubordinated Green Bond with a volume of 300 million euros. The bond has a three-year maturity and an annual coupon of 3.5 per cent. Investor demand was substantial, with the issue being oversubscribed more than fivefold at the final terms, attracting interest from approximately 70 investors.
Admission to official trading on the Vienna Stock Exchange will be sought for this bond. The rating agency Moody's has assigned an Investment Grade rating of Baa3 to the bond. The issuer intends to use the expected net proceeds to finance or refinance eligible projects in accordance with the Green Financing Framework defined in April 2024.
Strategic Relevance of the Issue
Dr. Andreas Schillhofer, CFO of CA Immo, commented on the transaction, highlighting the renewed proof of the company's strong capital market access for unsecured green financing. He further emphasised CA Immo's financial solidity. Despite a volatile market environment, the company succeeded in opportunistically utilising attractive windows for unsecured financing. The issue proceeds will, among other things, refinance a bond maturing in February 2027, which leads to a further improvement of the maturity profile.
According to the company, a solid balance sheet, conservative indebtedness, and the existing investment grade rating form the basis for implementing the Prime Office strategy in Germany. CA Immo pursues a consistent strategy in this context. Current projects such as the Upbeat skyscraper are nearing handover to the tenant. Furthermore, two fully let development projects are under construction, while two more projects, also being developed according to stringent sustainability criteria, are in planning.
Accompanying Institutions
The transaction was accompanied by a consortium of international banks. Crédit Agricole CIB, Deutsche Bank, Erste Group, and UniCredit acted as Joint Lead Managers and Joint Bookrunners.
- —Volume: 300 million euros
- —Maturity: 3 years
- —Coupon: 3.5% annually
- —Rating: Baa3 (Moody’s)
