Clarion Partners Europe (Company), the real estate investment fund manager specialising in European logistics and industrial assets, has agreed a €240m NAV Line facility with NatWest for one of its co-mingled funds, which is reported under Article 8 of the SFDR. It represents the first transaction between the two parties.
The NAV facility also represents the first loan entered into by NatWest and Clarion Partners Europe which incorporates green loan provisions in alignment with the LMA Green Loan Principles.
The proceeds will be used, amongst other things, to fund Clarion Partners Europe’s green initiatives, including refinancing existing assets; green capex initiatives; and the acquisition of assets that meet, or are targeting, certain building energy certifications.
Florina Capraru, Acquisitions Director, Clarion Partners Europe, commented: “Having green loan provisions in the NAV facility is a natural next step on our sustainability and value creation pathway and supports our aim of keeping our portfolio of mission-critical assets future-proofed. We have been especially impressed with NatWest, an exciting new lender relationship for us, whose depth of understanding around the decarbonisation issues facing the real estate industry aligns with our own ethos of sustainability being a risk mitigant and value driver.”
Dan Kumagai, Head of Asset-Backed Funds Financing, NatWest, added: “Supporting Clarion Partners Europe’s financing needs through this innovative green structure is an important step in the evolution of the NAV line product. It allows them, and hopefully, other leading investors in the future, to continue playing an important role in decarbonisation and responsible investing more broadly.”
Rahel Haque, Climate & ESG Capital Markets Lead, Private Finance, NatWest, said: “We are delighted to have supported Clarion Partners Europe with its inaugural Green NAV facility, which provides the means to acquire additional logistics assets and enhance the energy performance of assets where necessary. We look forward to partnering further with Clarion Partners Europe in our goal to play a leading role in the decarbonisation of the built environment.”
Image source - Clarion.
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