News Flash
- Rand Merchant Bank (RMB) has supported Redefine Properties sustainability strategy with a R1bn sustainability-linked bond.
- Redefine’s large local property portfolio comprises premium retail, office and industrial properties which are strategically spread across South Africa’s major metropolitan areas.
- The bond is linked to renewable energy, greenhouse gas emission and water efficiency performance targets.
The funds will be used to refinance upcoming bond maturities and ultimately to enable Redefine to facilitate a reduction in greenhouse gas emissions, significantly enhance their water efficiency solutions, and measurably increase the use of solar energy in the South African portion of their portfolio.
This is the largest amount raised so far by a South African Real Estate Investment Trust (REIT) in the growing sustainability-linked bond market in South Africa. The outcome exceeded expectations and recognises Redefine’s improved balance sheet strength and bears testimony to the progress they have already made on the Environmental, Social and Governance (ESG) front.
Author: Bryan Groenendaal
