5 March 2019 – Idealista
ING has granted a sustainable improvement loan to the Socimi Colonial amounting to €75.7 million. The terms of the loan are linked to the company’s performance in this field in that the interest rate varies depending on the rating that Colonial obtains from the Sustainability Agency GRESB for ESG (environmental, social and corporate governance) compliance.
It is the first loan of its kind to be granted to a Spanish company in the real estate sector and Colonial’s first sustainable transaction in the market. The real estate firm will use the funds to finance the LEED Gold certified building that it owns on Calle Almagro in Madrid, which is leased to the law firm Cuatrecasas.
Colonial has set itself the objective of having a portfolio of efficient buildings that consume fewer resources and reduce CO2 emissions and the amount of water used, amongst other factors.
Original story: Idealista
Translation: Carmel Drake