MAS Real Estate issues €300mn green bond to finance projects in Romania

By bne IntelliNews May 14, 2021

MAS Securities, the financing arm of MAS Real Estate, a property investor in Central and Eastern Europe with a focus on Romania, announced that it has priced a €300mn unsecured green five-year Eurobond maturing on May 19, 2026, carrying a 4.25% fixed coupon, with an issue price of 98.903%.

Moody’s and Fitch assigned the bond a Ba1 and BB rating, in line with the corporate rating.

European Bank for Reconstruction and Development (EBRD) said it has successfully subscribed to a €24.7mn ticket as part of the issue.

The bank’s investment will support the acquisition of green properties and the development of green and sustainable retail and residential assets, predominantly in Romania and potentially in the wider CEE region.

The bond issue, used to finance and refinance green commercial real estate in CEE, is underpinned by a green financing framework aligned with the International Capital Market Association’s Green Bond Principles and the Loan Market Association’s Green Loan Principles.

Sustainalytics provided an independent second-party opinion on the framework’s environmental credentials and its alignment with the current market standards for green bonds.

MAS Real Estate has pledged to achieve green building certification – at a minimum, the BREEAM ‘Very Good’, LEED ‘Gold’ or acceptable equivalent – for all CEE investment property acquired or developed in the future and for at least 90% of its existing investment properties in the region.

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