IREIT Global Group Pte. Ltd., as manager of IREIT Global, has announced the pricing of S$85m in green notes, set to mature in 2028. Issued under a US$1b Multicurrency Debt Issuance Programme, these notes will bear a fixed interest rate of 6% per annum, payable semi-annually. The issuance, managed by DBS Trustee Limited, is scheduled for 22 May 2025, with the notes expected to be listed on the Singapore Exchange on 23 May 2025.
The proceeds from the Series 001 Notes will finance the repositioning of the Berlin Campus into a multi-let and mixed-use property, known as Project RE:O. This project aims to achieve a minimum Leadership in Energy and Environmental Design (LEED) Gold certification, aligning with IREIT’s Green Financing Framework. DBS Bank Ltd. serves as the sole green structuring adviser, whilst S&P Global Ratings has provided a second-party opinion on the framework.
Tikehau Capital, a joint sponsor and controlling unitholder of IREIT, will subscribe to approximately 13.8% of the Series 001 Notes. The offering is directed at institutional and accredited investors in Singapore, as well as investors outside the US, under Regulation S of the US Securities Act of 1933.
The issuance underscores IREIT’s commitment to sustainable development, with Project RE:O set to enhance the environmental credentials of the Berlin Campus. The listing on the Singapore Exchange will provide liquidity and visibility for the green notes, further supporting IREIT’s strategic objectives.
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