French office REIT Gecina said that it has secured its first sustainability performance-linked loan with its margin depending, among others, on its Environmental, Social and Governance (ESG) performance measured by its GRESB Rating (Global Real Estate Sustainability Benchmark).
The €150 mln credit facility was provided by ING France.
GRESB will measure Gecina's performance by benchmarking it against its peers through a customised package of different ESG indicators.
With a score of 93/100 Gecina ranks fourth among office REITs globally.
'Sustainability is a priority for Gecina and we are constantly looking for improving our sustainability performance, as reflected in our new 2020 CSR roadmap,' commented Méka Brunel, Chief Executive Officer of Gecina. 'We believe that incorporating sustainability metrics and actions into every aspect of our business is key to accelerate our transformation, and to create value for our customer, stakeholders and for our industry in general.'
Karien van Gennip, CEO for ING in France, said: 'We are convinced that sustainable finance will be a new standard for our industry and will continue to find innovative ways to support and stimulate our clients on their sustainability journey.'