GPE signs £150m ESG-linked credit facility

ESG fund, green business idea Sustainability Finance and Investment and Carbon Credits

Great Portland Estates plc (GPE) has announced the signing of a £150 million ($162 million) ESG-linked unsecured revolving credit facility (RCF), with a margin set at 90 basis points over SONIA. This facility, which has an initial three-year term extendable to five years with bank approval, is intended to bolster GPE’s sustainable financing initiatives and aligns with its broader ESG strategy. This new RCF complements GPE’s existing ESG-linked financial facilities and the recently issued £250 million ($270 million) sterling sustainable bond, extending GPE’s average debt maturity to over seven years.

Aligned with GPE’s standard unsecured financial covenants, the facility integrates ESG Key Performance Indicator (KPI) margin adjustments. Three banks participated: Lloyds Bank plc, Bank of China, and CaixaBank SA UK Branch, marking CaixaBank’s first banking relationship with GPE. Lloyds Bank took the role of Documentation Agent and Sustainability Coordinator for the transaction.

Nick Sanderson, Chief Financial and Operating Officer at GPE, commented on the partnership, saying, “We are delighted to have arranged this new facility with both existing and new relationship banks, demonstrating strong support for our focused strategy. Along with our recent rights issue and sustainable sterling bond, this facility provides further flexibility for us to capitalise on the exciting pipeline of opportunities that we are unearthing, accelerated by our recent acquisitions of Whittington House and 19/23 Wells Street.”

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