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74 % of Gmp’s syndicated financing is green
22 May 2020 |

Gmp Property Socimi restated its bet on sustainability with the green conversion of 525 million euro, representing 74% of the entire loan it signed in 2016.

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Building Castellana 81 owned by GMP

BBVA and Credit Agricole, besides being a part of this financing along with other financial institutions, were also the sustainable coordinators which made possible this change which will boost to the maximum the sustainability of Gmp’s office projects.

This conversion of tranche A of the syndicated financing signed with some of the main national and international financial institutions, amongst which are BNPP, Banco Santander, Société Générale, BBVA, Caixabank, Natixis, Banco de Sabadell, Bankinter, Credit Agricole, Abanca and Bankia, is part of Gmp’s strategic commitment with sustainability.

In order for a loan to be considered a green loan, it needs to promote environmental sustainability and to be qualified as such by an environmental consultant. In this case, the consultant which certified this operation as green in compliance with the «Green Loan Principles», was Arup.

The syndicated financing tranche which became green represents 74% of the whole loan and a boost to Gmp’s strategic bet for the sustainable development of its office buildings, within a broader understanding of the term sustainable which encompasses respect for the environment, economic visibility for its buildings and the health and well-being of its occupants.

This is not the first time Gmp closes a deal in terms of sustainable financing. In 2018, it closed with BBVA the first green loan for the real estate sector in Spain for 68 million euro destined for the iconic building Castellana 77 in Madrid, which after its refurbishment obtained the maximum Platinum level within LEED certification in the category Core & Shell, one of the most prestigious internationally in terms of assessing buildings’ sustainable behaviour. Additionally, in 2019, Castellana 77 reached a gold level within WELL, the first worldwide certification which is solely focused on health and well-being.