WDP, the warehouse specialist, has become the first Belgian corporate and real estate investment trust (REIT) to carry out a private placement of green bonds in the US, with insurer MetLife as the sole investor in the €100 mln issue.
The 2.62% notes, which qualify as green bonds, are denominated in euros and have a term of 11 years. The bonds were issued under the newly established WDP green finance framework and the proceeds will be used exclusively to finance and refinance WDP's green-certified real estate assets. The placement was conducted through MetLife Investment Management, the US insurer's institutional asset management business.
Mickael Van den Hauwe, chief financial officer at WDP said: 'The fact that we can secure long-term financing above 10 years from an internationally renowned investor, represents a new milestone in our financing strategy, as it demonstrates the solid credit profile of the group and its capacity to diversify and further extend its funding sources and attract international financing.'
ABN Amro acted as sole arranger and green bond advisor on this transaction. 'This transaction underlines the ability of WDP to attract new sources of funding whilst also stressing the importance of a sustainable funding strategy. We are proud to have supported WDP with the first green US private placement by a REIT as well as the first green USPP by a Belgian corporate,' said David de Weerd, director of debt capital markets of ABN Amro.