Crédit Agricole CIB wins two awards at the Real Estate Capital Europe Awards 2021
Real Estate Capital Europe is a news and intelligence service providing unrivalled and authoritative information, analysis and comment on raising and structuring capital for property in Europe. The annual awards recognise companies and deals that stood out during the year in Europe’s property lending market.
In the 2021 edition of the Real Estate Capital Europe Awards, Crédit Agricole CIB has won two categories, including the newly added award “Sustainable Financing Deal of the Year: Europe” which recognises transactions that have sustainability factored in, and the “Financing Deal of the Year: UK”.
Sustainable Financing Deal of the Year: Europe for 1st combined Social & Green loan for Cronos
Crédit Agricole CIB, together with Caisse d´Epargne Ile-de-France, HSBC Continental Europe (lender), issued a 100% sustainable mortgage loan of €800 million for Cronos (borrower), a real estate investment and development firm created by French insurers In’li and AXA Investment Management.
The loan will be used to acquire around 10,000 intermediate housing units under development or construction in Ile-de-France that adhere to the eligibility criteria in terms of affordable rents, target population and energy efficiency. It is the first combined social and green loan that the Bank issues for a French real estate property company.
This transaction makes Cronos the first real estate investment firm of this size in Europe to be financed purely by sustainable facilities. Crédit Agricole CIB acted as Mandated Lead Arranger and Sole Green Arranger.
Financing Deal of the Year: UK for a £420m five-year green refinancing of a prestigious Net Zero Carbon office building located at 100 Liverpool Street in the City of London
On behalf of the Broadgate REIT, a JV owned by British Land and GIC, Crédit Agricole CIB, DBS Bank Ltd, London Branch and a Global Institutional Fund Manager successfully arranged a £420m Green Senior Secured 5 Year Term Loan Facility, with associated Green Hedging to finance 100 Liverpool Street, a prestigious Net Zero Carbon office building located adjacent to Liverpool Station.
The Bank assisted the Sponsor to structure the transaction as a green financing, acting as Green Loan Adviser, as well as securing a Green Cap and Forward Start Swap, demonstrating once again Crédit Agricole CIB’s commitment in delivering innovative Green solutions for our clients. This is the first green derivative of this kind to be undertaken by the Bank in the UK.
Crédit Agricole CIB acted as Mandated Lead Arranger, Green Adviser, Facility Agent, Security Trustee and Hedge Counterparty (Green Swap).
“Crédit Agricole CIB is delighted to receive The Sustainable Financing Deal of the Year Europe award and The Financing Deal of the Year UK award – featuring a green loan supported by a net zero carbon office – as it demonstrates the great efforts of the Bank to provide competitive, innovative and ESG financing for strategic clients of the Bank.”
Franck Genet, Global Head of Real Estate & Lodging Group
“Our thanks to our clients for entrusting us with this important refinancing of 100 Liverpool Street. Many congratulations to all our Crédit Agricole CIB colleagues involved in assisting and supporting our clients in the structuring and completion of this landmark Green Loan refinancing. This award is gratefully received and is a strong testament to the work undertaken by all our colleagues within the Bank whom worked on this important transaction.”
Neal Ledger, Head of UK Real Estate & Hotel Group
“We are honoured to receive the prestigious “Sustainable Financing Deal of the year: Europe” industry award, where the Bank acted as Mandated Lead Arranger and Sole Green Arranger and the “Financing Deal of the Year: UK”, where the Bank acted as Mandated Lead Arranger and Green Advisor. These awards further demonstrate our commitment to social, sustainable and green financing and the expertise of Crédit Agricole CIB and the CA Group teams that support our clients in the Real Estate sector.”
Sandrine Flotron, Loans Syndications – Real Estate Global Sector Coordinator
“Cronos is a first of a kind real estate investment and development vehicle promoting affordable housing in Greater Paris. Crédit Agricole CIB was proud to support Cronos shareholders, InLi and Axa, strong ESG ambitions on this landmark transaction, by playing a leading role on the sustainable features of the financing.”
Regis Aubert, Senior Banker Axa IM Real Assets
“We are delighted to be part of the success surrounding the refinancing of 100 Liverpool Street. The Bank’s Global Market Division worked very closely with the lending team and the client to deliver an innovative hedging solution incorporating Green criteria. Crédit Agricole CIB led the Green derivative structuring on this deal and guided the client in how to achieve its goals.”
Julian Tams, Head of Private Side Corporates (UK)