Press Release
October 30 th , 2024
SELECTIRENTE strengthens its commitments to sustainable development by launching its first Sustainability-Linked Loan
SELECTIRENTE, a listed real estate company specializing in retail properties in city centers, has announced that it has "greened" its €80 million corporate refinancing signed in July 2024 with its historical banking partners by converting it into a Sustainability-Linked Loan (SLL). This loan integrates ESG objectives linked to three extra-financial performance criteria.
The two lines of sustainable financing, totaling €80 million, are now classified as Sustainability-Linked Loans. They aim to extend the debt maturity and provide SELECTIRENTE with new financial resources to support its growth, taking into account three extra-financial performance criteria (climate, energy, and data collection) that can affect the banking margins:
- Climate Change Adaptation , improving the percentage of assets equipped with a vulnerability assessment related to climate change risks and a corresponding action plan using the Bat-ADAPT tool
- Reduction of Primary Energy Consumption , aiming to improve the environmental footprint of energy used by promoting the purchase of renewable energy in the medium term
- Increased Data Collection linked to the energy performance of each asset , enhancing the collection of energy performance data from assets, particularly through stronger data gathering from tenants and continuing key partnerships with market experts.
SELECTIRENTE will annually monitor the evolution of its selected Key Performance Indicators (KPIs) and their performance against the established Sustainable Performance Targets (SPTs) with its banking partners until the loans mature. This initiative reinforces the objective of excellence in the company's CSR approach, its ability to manage effectively, and its concrete commitment to a more responsible real estate sector.
The alignment of improvement trajectories with the Sustainability Linked Loan Principles of the Loan Market Association has been assessed by EthiFinance , a rating, research, and advisory company committed to sustainable finance.
For this operation, SELECTIRENTE was advised by its banking partners: Société Générale acted as agent, coordinator, ESG co-coordinator, and co-arranger, with Banque Européenne du Crédit Mutuel (BECM) and HSBC Continental Europe serving as co-arrangers and ESG co-coordinators, assisted by their legal advisors Norton Rose Fulbright and A&O Shearman.
Jérôme Descamps, president of SELECTIRENTE Gestion, stated:
« Fully committed to a more sustainable real estate sector, we are particularly proud of the culmination of this collective effort, including the synergies arising from the shareholder collaboration with Tikehau Capital and Sofidy. This underscores SELECTIRENTE's strong determination to fulfil its commitments to sustainable development and to rigorously pursue the greening of its assets and financing. Supported by our historical partners, this first sustainable financing also illustrates our capacity to implement a strategy aligned with today's and tomorrow's climate, urban, and societal challenges. »
against the established Sustainable Performance Targets (SPTs) with its banking partners until the loans mature. This initiative reinforces the objective of excellence in the company's CSR approach, its ability to manage effectively, and its concrete commitment to a more responsible real estate sector.
The alignment of improvement trajectories with the Sustainability Linked Loan Principles of the Loan Market Association has been assessed by EthiFinance , a rating, research, and advisory company committed to sustainable finance.
For this operation, SELECTIRENTE was advised by its banking partners: Société Générale acted as agent, coordinator, ESG co-coordinator, and co-arranger, with Banque Européenne du Crédit Mutuel (BECM) and HSBC Continental Europe serving as co-arrangers and ESG co-coordinators, assisted by their legal advisors Norton Rose Fulbright and A&O Shearman.
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Jérôme Descamps, president of SELECTIRENTE Gestion, stated:
« Fully committed to a more sustainable real estate sector, we are particularly proud of the culmination of this collective effort, including the synergies arising from the shareholder collaboration with Tikehau Capital and Sofidy. This underscores SELECTIRENTE's strong determination to fulfil its commitments to sustainable development and to rigorously pursue the greening of its assets and financing. Supported by our historical partners, this first sustainable financing also illustrates our capacity to implement a strategy aligned with today's and tomorrow's climate, urban, and societal challenges. » |
Contacts
Dany Abi Azar – Chief Financial Officer, Selectirente Gestion – +33 (0)1 69 87 02 00 – dany.abiazar@selectirente.com
Aliénor Kuentz – SHAN communications agency – +33 (0)6 28 81 30 83 - alienor.kuentz@shan.fr
Financial Calendar
- 05/11/2024: Q3 2024 business and revenue
- 13/02/2025: 2024 annual Results
About SELECTIRENTE
Founded in 1997 at the initiative of SOFIDY and real estate professionals, SELECTIRENTE was listed in 2006 and opted for the SIIC (French REIT) regime on 1 January 2007. SELECTIRENTE is one of the few real estate companies specialising in local retail premises.
SELECTIRENTE is managed by SELECTIRENTE GESTION, the new manager and general partner since 3 February 2021, which in turn relies on the know-how and skills of service provider SOFIDY (part of the Tikehau Capital Group's real estate business) in the fields of asset management, property management and the execution of investment, disinvestment and financing programmes.
With a property portfolio valued at over €575 million, almost 61% of which is located in Paris, the Company's strategic objective is to develop and increase the value of its city-centre retail assets in the most dynamic French and European cities.
Regulated listed market: Euronext Paris Compartment B (SELER) – ISIN : FR0004175842
More information : www.selectirente.com
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