Nedbank Corporate and Investment Banking (CIB) has announced its first property and sustainable finance transaction in Côte d’Ivoire (Ivory Coast) and its expansion into the West African market.
The deal involves a €18.5 million sustainability-linked term loan and revolving credit facility in collaboration with HC Capital Properties, sponsor of Cosmos Yopougon shopping mall, a flagship development of HC Capital Properties.
It is the first operational building in Francophone West and Central Africa to achieve an International Finance Corporation (IFC) EDGE Green Building certification.
The newly secured sustainability-linked debt solution, structured by Nedbank’s Property Finance Africa and Sustainable Finance Solutions team, is structured to incentivise continued improvement in environmental performance of the mall with a focus on waste management.
“Cosmos Yopougon is dedicated to advancing its sustainability strategy by implementing recycling programmes for cardboard, plastic and construction waste. This sustainability-linked facility is a testament to our commitment to reducing our environmental impact and promoting sustainable practices within the retail property sector, and to creating sustainable returns for our stakeholders,” says Sanankoua Cheick Abou, Managing Partner of HC Capital Properties.
“We are proud to partner with HC Capital Properties in this pioneering transaction in Côte d’Ivoire. This deal demonstrates our commitment to using our financial expertise to do good and create long-term value for our clients and the communities they serve. By focusing on key sustainability issues such as waste management, we are helping our clients achieve their immediate and long-term sustainability goals,” comments Gerhard Zeelie, Divisional Executive at Nedbank CIB.
