Cromwell Property Group has signed a finance agreement with the polish branch of HSBC Continental Europe for its 61,000 m2 Janki shopping centre in Warsaw, Poland.
Arranged under Cromwell鈥檚 new Sustainable Finance Framework, this is the second green loan the company has secured, having transitioned an existing A$130 mln (鈧�78 mln) bilateral loan on the Cromwell Riverpark Trust in Australia earlier this year.
Under the terms of the agreement, Cromwell will need to report on a number of sustainability measures, including renewable energy usage, annual greenhouse gas emissions and ensure that in any given reporting year at least 50% of new leases include green clauses that cover scope 3 emissions.
One of six retail assets in Cromwell鈥檚 Polish retail fund, Janki shopping centre is certified BREEAM In-use Excellent. The fund scored 85 in the GRESB index in 2022 and won the BREEAM-GRESB Award for Corporate Investment in Responsible Real Estate in March 2017.
Afraz Ahmed, Cromwell鈥檚 head of treasury for Europe, commented: 'The second green loan that Cromwell has agreed since launching our Sustainable Finance Framework earlier in the year, this transaction demonstrates our continuing commitment to achieving a more sustainable financing structure across the assets we manage in Europe and Australia.
'Throughout this process, we鈥檝e noted a strong alignment of interest with our network of issuers and financial institutions, who are equally committed to achieving more sustainable ways to finance real estate assets.'
