QuadReal closes $283M green bond, the first under its new issuing entity
What's the deal? QuadReal Property Group has closed a US$293.3M (roughly $283 million) green bond, issuing 4.051% Series 1 Senior Notes that mature November 17, 2029. The notes were issued by BCI QuadReal Realty Trust (BQRT), marking that entity's inaugural issuance.
Why now? Effective January 1, 2026, BQRT became the successor issuer to BCI QuadReal Realty, taking on substantially all its assets and liabilities. It now serves as the primary issuer of unsecured notes for British Columbia Investment Management Corporation's (BCI) real estate program.
What's the endgame? The notes were issued under QuadReal's Green Bond Framework, established in July 2020, and were offered as a private placement to accredited investors in Canada. They are rated AA (low) with a stable trend by DBRS Limited.
Who's involved? The offering was co-led by CIBC World MarketsDealroom has a profile for this one. Try Dealroom → and TD SecuritiesDealroom has a profile for this one. Try Dealroom →, with co-managers including BMO Nesbitt BurnsDealroom has a profile for this one. Try Dealroom →, National Bank FinancialDealroom has a profile for this one. Try Dealroom →, RBC Dominion SecuritiesDealroom has a profile for this one. Try Dealroom →, Scotia CapitalDealroom has a profile for this one. Try Dealroom →, Desjardins Securities, SMBC Nikko Securities CanadaDealroom has a profile for this one. Try Dealroom →, and Wells Fargo Securities CanadaDealroom has a profile for this one. Try Dealroom →.
Chief financial officer Tamara Lawson said the response reflected "confidence in our business, financial strength and long-term strategy," adding that QuadReal looked "forward to building on the momentum of this successful issuance in future capital markets transactions."
The signal: QuadReal, a Vancouver-based real estate company with US$72.2B in assets under management, is using investment-grade green debt to fund a global portfolio spanning equity and debt in public and private markets. The deal shows how large institutional property managers continue to lean on sustainability-linked financing to raise capital.
Read more: pr.sandyjournal.com
Image credit: juanalbertogarciarivera
