Allens has advised the QIC Shopping Centre Fund (QSCF) on its first $300m green bond issuance.
The issuance was certified as a green bond by the Climate Bonds Initiative, with the proceeds to be directed towards sustainability-focused projects within QSCF's portfolio.
QSCF owns a portfolio of shopping centres and the first investments will be allocated towards the Eastland mall in Melbourne, Grand Central in Toowoomba, and Robina Town Centre on the Gold Coast, for the purposes of improving the sustainability of these retail centres through the reduction of greenhouse gas emissions.
“We were delighted to advise QSCF on its first green bond issuance, working alongside NAB and CBA as arrangers,' said James Darcy, head of Allens' debt capital markets team and lead partner on the transaction. “We are increasingly seeing Australian corporates, including property and infrastructure owners, looking to adopt sustainability-focused financing through green bonds or products such as green loans. The strength of the issuance demonstrates increasing investor appetite for green bond products.”