Blackstone Property Partners Europe, the US asset management giant's European open-ended Core+ real estate fund, has issued a debut green bond under its new Green Financing Framework.
The issue, which was over three-times oversubscribed, generates €500 mln of proceeds for the fund which will be used to fund eligible green investments including green buildings, renewable energy and energy efficiency projects .
The Framework, established in March 2021, aligns the fund's financing and investment activities with Blackstone’s broader ESG initiatives.
Caroline Hill, Europe head of Real Estate ESG, Blackstone, said: 'Making a positive impact through our investments is a priority. Blackstone Property Partners Europe Holdings’ debut green bond demonstrates our long-term commitment to creating more sustainable, energy efficient properties, investing in renewable energy projects and the quality of our European real estate platform.'
BofA Securities and Morgan Stanley acted as Global Coordinators, BNP Paribas and Santander as Green Structuring Agents and BNP Paribas, Bank of China, RBC Capital Markets and Santander as Joint Active Bookrunners.