CBRE Investment Management, on behalf of a fund sponsored by the firm, has issued an inaugural green bond, raising €500m in senior unsecured notes with a seven-year tenor.
The bond issuance follows the fund’s €1bn unsecured debt restructuring, which completed in March 2025, and was issued off the fund’s euro medium term note (EMTN) programme.
Proceeds from the issuance will be used to refinance the fund’s existing debt, including its €450m bridge facility. The remaining proceeds will be allocated to pay down a revolving credit facility. The order book reached more than €4bn from more than 200 investor orders and was oversubscribed eight times at its peak and more than four times at final pricing.
Tom Berens, team lead, treasury and debt financing EMEA at CBRE IM, said: “This bond issuance reflects the fund’s strategic shift from local, asset-backed financing to scalable, flexible and easier-to-manage unsecured debt. The EMTN framework enables the fund to better time its market entry. Having access to the capital markets will diversify the debt capital structure and support its growth ambitions.
“The seven-year tenor also provides a valuable extension of the debt maturity profile, while the bond will act as a very useful reference point for potential follow-up bond transactions. We were very pleased with the strong interest from bond investors. The oversubscription and strong pricing are testament to the quality of the portfolio and the strength of the long-term strategy.”
The fund’s strategic banking partners ABN AMRO, BNP Paribas, Crédit Agricole CIB, HSBC and ING acted as active joint bookrunners, with BNP Paribas and ING serving as global coordinators on this inaugural transaction. Crédit Agricole CIB also acted as green adviser. Linklaters advised CBRE IM. Clifford Chance advised the active joint bookrunners.
