CA Immo has successfully completed a €300 million senior unsecured green bond issuance with a three-year maturity and a 3.5% annual coupon. The bond attracted exceptionally strong investor demand, with subscriptions exceeding five times the issue size. The proceeds will be used to finance or refinance eligible projects under the company’s April 2024 Green Financing Framework, while also supporting the refinancing of debt maturing in 2027.
Key Overview
- CA Immo issued a €300 million senior unsecured green bond.
- The bond has a three-year maturity and a 3.5% annual coupon.
- The offering was more than five times oversubscribed.
- Approximately 70 investors participated in the issuance.
- Moody’s assigned the bond a Baa3 investment-grade rating.
- Proceeds will finance or refinance eligible projects.
- Part of the funds will refinance debt maturing in February 2027.
- The bond will be listed on the Vienna Stock Exchange.
Strong Demand Marks Successful Green Bond Offering
CA Immo has successfully completed a €300 million fixed-rate senior unsecured green bond issuance, strengthening its financing position through another successful capital markets transaction.
The bond has a 3-year maturity and carries a fixed annual coupon of 3.5%. According to the company, investor demand significantly exceeded the amount offered, with the issuance being more than five times oversubscribed at final terms.
The transaction attracted participation from around 70 investors, reflecting strong market interest in the company’s green financing programme despite a challenging market environment.
The successful placement further demonstrates CA Immo’s continued ability to access unsecured financing through the green bond market.
Proceeds Allocated Under Green Financing Framework
CA Immo said the expected net proceeds from the issuance will be used to finance or refinance a portfolio of eligible projects in accordance with its Green Financing Framework, which was published in April 2024.
The company confirmed that the allocation of proceeds will follow the criteria established under the framework.
No individual projects were identified as part of the announcement, with the proceeds intended to support eligible investments that meet the framework’s requirements.
The Green Financing Framework provides the basis for allocating financing raised through green bonds to qualifying projects.
Investment-Grade Rating Assigned
The company also confirmed that an application is being submitted to list the bond on the official market of the Vienna Stock Exchange.
The international credit rating agency Moody’s assigned the green bond an investment-grade Baa3 rating.
The investment-grade rating supports CA Immo’s continued access to international debt markets and reflects the quality of the bond issuance from a credit perspective.
The listing on the Vienna Stock Exchange will allow investors to trade the bond following its admission to the official market.
Funds Will Also Refinance Existing Debt
According to Andreas Schillhofer, Chief Financial Officer of CA Immo, part of the proceeds will also be used to refinance the company’s bond that matures in February 2027.
He explained that refinancing the existing bond will further improve the company’s debt maturity profile while supporting its broader financing strategy.
Schillhofer noted that the latest transaction demonstrates CA Immo’s strong ability to access unsecured green financing even during periods of market volatility.
He added that the company successfully took advantage of favourable market conditions to secure financing through the capital markets.
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Financial Position Supports Company Strategy
Schillhofer stated that CA Immo’s financial position remains supported by a solid balance sheet, conservative debt levels and its investment-grade credit rating.
According to the company, these factors provide the financial foundation for the continued implementation of its prime office strategy in Germany.
CA Immo also highlighted progress across several development projects.
The company said its largest development project in Berlin will soon be handed over to its tenant.
In addition, two fully leased development projects are currently under construction, while two further developments remain in the planning phase.
CA Immo noted that each of these projects is being developed in accordance with strict sustainability criteria.
Major Financial Institutions Lead the Transaction
Several international financial institutions supported the bond issuance.
The transaction was arranged by:
- Crédit Agricole CIB
- Deutsche Bank
- Erste Group
- UniCredit
The four institutions acted as Joint Lead Managers and Joint Bookrunners for the transaction.
Their role included coordinating the issuance process and supporting the successful placement of the bond among institutional investors.
Green Financing Remains Part of Capital Strategy
The latest issuance forms part of CA Immo’s broader financing activities and demonstrates the company’s continued use of green bonds as one of its funding instruments.
The company indicated that the proceeds will support financing activities under its existing Green Financing Framework while also strengthening its debt maturity profile through refinancing.
The successful transaction follows strong investor participation and provides additional capital that can be allocated according to the framework’s eligibility criteria.
Outlook
CA Immo’s successful €300 million green bond issuance provides the company with additional funding to finance or refinance eligible projects while supporting the refinancing of debt maturing in 2027. The strong investor demand, investment-grade rating and planned listing on the Vienna Stock Exchange demonstrate continued access to capital markets through unsecured green financing. As the company continues implementing its prime office strategy in Germany, the latest transaction strengthens its financing position and supports projects being developed under its sustainability-focused Green Financing Framework.
FAQs
1. How much did CA Immo raise through the green bond?
CA Immo raised €300 million through a fixed-rate senior unsecured green bond.
2. What are the bond’s key terms?
The bond has a three-year maturity and carries a 3.5% annual fixed coupon.
3. What will the proceeds be used for?
The proceeds will finance or refinance eligible projects under CA Immo’s April 2024 Green Financing Framework and partly refinance debt maturing in February 2027.
4. How strong was investor demand?
The issuance attracted demand from around 70 investors and was more than five times oversubscribed at final pricing.
Sources: CA Immo, assetphysics, Property Forum
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