Allied Properties REIT Introduces Green Financing Framework
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Fellow REIT’s will likely follow suit after Allied Properties REIT announces a green financing framework totalling $600 million in debentures. The framework will aid four asset categories deemed eligible, including certified green buildings and data centres, projects supporting resource efficiency and management; clean transportation infrastructure; and renewable energy infrastructure.
In partnership with Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc., is expected to be finalized later this month. Interest rates will begin at 1.726 with a five year revaluation period.
Michael Emory, Allied REIT’s President and Chief Executive Officer (2021), states, “Not only is this a meaningful step forward for our ESG program, but the use of proceeds will also improve our interest coverage ratio, extend the weighted average term of our debt and augment our pool of unencumbered investment properties” (par. 2).
Allied Properties REIT is committed to allocating all earnings from the green financing framework into green projects and initiatives.
Learn more about the Allied Properties REIT green financing framework.
Resources
Green financing FRAMEWORK STEERS ALLIED issuance - REMI Network. (2021, February 11). Retrieved February 12, 2021, from https://www.reminetwork.com/articles/green-financing-framework-steers-allied-issuance/
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