Sonae Sierra refinances part of its debt via sustainability-linked bonds
The property investment company, 70% owned by the Sonae group, assumes the "goal is to continue to link its corporate debt to sustainability criteria".
Sonae Sierra refinanced part of its debt by issuing sustainability-linked bonds. In question is an operation of €50 million, carried out with Caixa Geral de Depósitos and organized by CaixaBI.
The two criteria associated with the new bonds are the company’s CO2 emissions and the recycling rates of the shopping centres it manages, explains Sonae Sierra in a statement sent to CMVM.
The property investment company, 70% owned by the Sonae group, assumes the “goal is to continue to link its corporate debt to sustainability criteria”. Similar operations are on the way.
“This operation is part of the evolution of Sonae Sierra’s sustainability strategy and represents an achievement resulting from the hard work of our teams. It is a way of reinforcing our commitment to carbon neutrality by 2040 and our alignment with a circular economy model, in line with international best practices,” said Sonae Sierra’s CFO, Luís Mota Duarte, quoted in the same release.
Despite being “Portugal’s first real estate sector company to issue sustainability-linked bonds”, the company does not disclose in the press release the interest it will pay, nor the underlying penalty for non-compliance with the criteria it has set.
On the same statement, Sonae Sierra takes the opportunity to provide some data about the path it has taken towards a more sustainable operation. The company guarantees that “in 2020 alone, the implementation of energy, water and waste management measures in its assets made it possible to avoid €15 million in operating costs”.
