Eastnine launches a Green Finance Framework and contemplates its first green bond issue
Eastnine AB is launching a Green Finance Framework, that has been awarded the rating ”Dark Green” and ”Excellent” from CICERO, and which is intended to finance green properties and projects, further enabling the company to continue its ongoing growth journey. The company also investigates the possibilities of issuing a green bond.
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Eastnine’s business concept is to be the leading, long-term provider of modern and sustainable office premises in first-class locations in the Baltic capitals. The company has a clear sustainability agenda with an overarching environmental target to operate a climate-neutral business in 2030. In the end of June 2020, as much as 84 per cent of Eastnine’s property portfolio had obtained an environmental certification and the company has a target to obtain certifications for 100 per cent of the property area, which will not undergo substantial development.
The Green Finance Framework has been established in line with the industry standard Green Bond Principles, developed by the International Capital Market Association (ICMA) and has undergone an evaluation by an independent third party, CICERO Shades of green. The Framework, and related governance policies and reporting standards, have been graded ”Dark Green” and ”Excellent” by CICERO Shades of green, which is the highest possible rating, further highlighting Eastnine’s forward-thinking an comprehensive sustainability work. CICERO Shades of green is a subsidiary of CICERO (Center for International Climate Research), which is an independent climate research institute.
“It is very gratifying that Eastnine's ambitious sustainability work has been recognized through CICERO's high rating of our green financing framework”, says Eastnine's CEO Kestutis Sasnauskas.
The Framework gives Eastnine the opportunity to issue green bonds, with the condition that the issue proceeds are only issued for the financing of eligible green projects and assets as set out in the Green Finance Framework.
Eastnine has mandated Skandinaviska Enskilda Banken AB (publ)(SEB) to arrange a series of fixed income investor meetings to investigate the possibility of issuing a three-year senior unsecured green bond with an expected volume of EUR 30 million. Subject to inter alia market conditions, a capital market transaction may follow.
SEB has acted as advisor to Eastnine concerning the establishment of the Green Finance Framework. Eastnine has appointed Gernandt & Danielsson Advokatbyrå KB as legal counsel in relation to the contemplated transaction.
More information regarding Eastnine’s Green Finance Framework and CICERO’s rating can be found in attached pdf-documents and will be available at www.eastnine.com.
For more information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Britt-Marie Nyman, CFO and Deputy CEO, +46 70 224 29 35
Lilia Kouzmina, Head of Sustainability, +46 70 601 72 55
Visit www.eastnine.com
Eastnine AB (publ) is a Swedish real estate company with a property value of EUR 336m and a long-term net asset value of EUR 260m as of June 30, 2020. Eastnine’s vision is to create and provide prime venues where ideas can flow, people can meet, and successful business can be developed. The mission is that Eastnine shall be the leading long-term provider of modern and sustainable office premises in prime locations in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm Mid Cap, sector Real Estate.
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 9.45 a.m. CET on 28 September 2020.