Unibail-Rodamco-Westfield (“URW”) today announces the update of its Green Financing Framework, which establishes a clear framework for the financing and/or refinancing of eligible new development projects and the regeneration of standing assets.

URW first issued a Green Bond Framework in 2014. Since then, URW has established a strong track record in the sustainable finance market, issuing the first industry green bond on the Euro market, the first international non-Swedish green bond on the SEK Corporate market, and the largest sustainability-linked Revolving Credit Facility for a REIT in Europe.

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With the 2022 update to its Framework, URW imposes higher standards on energy performance and updates eligibility criteria to require assets and development projects to meet BREEAM certification level at least ‘Excellent’ rather than ‘Very Good’ and be closely connected to public transport.

The Framework clarifies the eligibility criteria, the allocation and the reporting process to make it easier for investors to understand and track commitments. URW has also formed a Green Financing Committee that will rule on the use of proceeds and support future green financing allocation.

The Framework is aligned with best market practices, including the most recent updates of the ICMA Green Bond Principles as well as the LMA Green Loan Principles, while taking into account the EU Taxonomy Technical Screening Criteria. ISS ESG has issued a second party opinion (SPO) on the new Framework confirming this alignment.

Commenting on the Framework, Fabrice Mouchel, Chief Financial Officer, URW, said: “Sustainability is embedded within our business strategy and these updates to our Green Financing Framework demonstrate our commitment to continue being a leader in this area. Our efforts are supported by our wide-ranging Better Places 2030 sustainability program, which also addresses priorities like climate change, biodiversity loss and social inclusion.”
  
More information on the Framework can be found on URW’s website: 
https://www.urw.com/en/investors/financing-activity/Sustainable-financing

Source: Unibail-Rodamco-Westfield