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Ivanhoé Cambridge and Natixis Assurances obtain Europe’s first green certification of a commercial real estate loan for DUO towers
Ivanhoé Cambridge and Natixis Assurances, partners in the DUO project, have obtained the “Climate Bond Certified” label awarded by Climate Bonds Initiative (CBI) for the €480-million credit that is financing development of the DUO towers in Paris. The certification makes this Europe’s first green-labelled commercial real estate loan. Natixis, as the green certification agent on this loan, confirms its ambition to become a leading player in green and responsible financing.
The loan was granted last November 14 to DUO by a banking syndicate consisting of BNP Paribas, Crédit Agricole Corporate & Investment Bank, Deutsche Pfandbriefbank AG, La Banque Postale, Natixis and Banque Européenne du Crédit Mutuel, represented by Crédit Agricole Corporate & Investment Bank as agent.
To obtain CBI certification, DUO mandated oekom research AG as verifier of the Low Carbon Buildings – Commercial Properties (real estate) standard and established the structure of the reporting for the monitoring of environmental certifications, energy consumptions and CO2 emissions.
Ivanhoé Cambridge mandated Natixis to conduct the certification process and is seeking to play a dynamic role in the emerging green lending market and, more generally, to provide its support to green and responsible finance.
“Our quest for the highest environmental standards in our projects is an integral part of our best practices in corporate social responsibility,” states Nathalie Palladitcheff, Executive Vice President and Chief Financial Officer, Ivanhoé Cambridge. “We are excited to be the first to obtain a commercial real estate loan in Europe certified green by CBI, making us part of the movement for responsible financing in our industry.”
Louis Douady, Head of Environmental and Social Responsibility at Natixis, says: “Natixis is proud to have supported DUO as green certification agent, confirming our ability to devise innovative green financing and investment solutions for our clients. This benchmark reflects the ambition of our new strategic plan to become a major player in green finance.”
Located at the edge of the vast Paris Rive Gauche project in the 13th arrondissement, the DUO towers (180 metres for DUO 1 and 122 metres for DUO 2), designed by Jean Nouvel, will provide nearly 90,000 square metres of office space as well as a hotel and a “skybar.” Registered under the WELL Building Standard label, DUO demonstrates a desire to meet the toughest criteria for the comfort, health and well-being of future users. It will achieve outstanding LEED® Platinum, HQE® and Effinergie+ energy performance. These two towers will offer innovative, environmentally friendly workspaces as well as spaces open to the public that will encourage encounters and exchanges, including an auditorium, shops, a garden and greenery-filled terraces.
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and real estate companies in select cities around the world. It does so prudently, with a long-term view to generate optimal, risk-adjusted returns. Founded in Québec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners and major real estate funds that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in nearly 800 buildings, primarily in the residential, office, retail and logistics sectors. Ivanhoé Cambridge held more than C$60 billion in assets as at December 31, 2017. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information, go to: ivanhoecambridge.com
Natixis Assurances devises and manages a comprehensive range of insurance solutions for retail and private-banking clients, professionals, companies, independent professionals, farmers and non-profit organizations. A wholly-owned subsidiary of Natixis, the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France, Natixis Assurances distributes personal insurance products (life, estate planning, retirement, death-benefit, dependency and borrower insurance) and non-life insurance products (auto, home, health, accident & contingency, cellphone, legal protection, non-bank insurance, remote surveillance, professional liability insurance) through the Banque Populaire and Caisse d’Epargne networks. Natixis Assurances, with 1,600 employees in nine locations in France, has 4.1 million clients.
Natixis is the international corporate, investment, insurance and financial services bank of Groupe BPCE, the secondlargest banking group in France with 31 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 17,000 employees, Natixis has a number of strong areas of expertise across three main business lines: Corporate & Investment Banking, Investment Solutions & Insurance, and Specialized Financial Services. A global player, Natixis has its own longstanding client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and mid-sized businesses within Groupe BPCE’s two banking networks. Listed on the Paris stock exchange, it has a solid financial base with a CET1 capital under Basel 3 of €12 billion and a Basel 3 CET1 ratio of 10.65%, both based on CRR-CRD4 rules as reported on June 26,2013, including the Danish compromise, without phase-in. It also has quality long-term ratings (Standard & Poor’s: A / Moody’s: A2 / Fitch Ratings: A). Figures as at December 31, 2017.
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Louis Douady
Global Head of Environmental & Social Responsibility, Natixis
Louis Douady is the Global Head of Environmental & Social Responsibility at Natixis. He started his career in 1996 at BNP Paribas, first as a risk analyst and...
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. See note on methodology in the 2Q19 earnings material.
Figures as at 30 June 2019