FIBRA Macquarie México Closes US$150 Million Sustainability-Linked Unsecured Credit Facility With International Finance Corporation (IFC)
02 July 2024 - 4:07AM
Business Wire
- Proceeds will provide support for FIBRA Macquarie’s development
program
- Meaningful extension of weighted average debt tenor to 4.5
years and lower weighted average cost of debt
- Represents IFC’s first loan commitment to a Mexican FIBRA
- Implementation of IFC Performance Standards
FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ)
announced the closing of a senior unsecured, sustainability-linked
credit facility with International Finance Corporation (IFC) for
US$150 million, maturing in June 2031.
Proceeds will be used to finance FIBRAMQ’s growth capex program,
focused on investing in and developing class “A” industrial assets
in core markets that demonstrate strong performance and a positive
economic outlook, including its development projects in Tijuana,
Mexico City Metropolitan Area, Monterrey and Ciudad Juarez.
Andrew McDonald-Hughes, FIBRA Macquarie’s chief financial
officer stated, “This new credit facility further enhances our
financial flexibility. Through our prudent balance sheet management
and capital allocation, we are well-positioned to fund our growth
initiatives. We are continuing to execute on our development
pipeline to meet the ongoing demand from nearshoring tailwinds.
With projects under active development, as well as the recent
acquisition of additional land in key market such as Monterrey, we
have a pipeline to deliver attractive growth in the coming years.
This loan marks IFC’s first debt commitment to a Mexican FIBRA, and
we are excited to deepen our relationship with the World Bank Group
and appreciate the strong support and continued confidence of our
banks and the debt capital markets.”
The non-amortizing facility has a seven-year term and will bear
interest at a variable rate of 90-day term SOFR plus a credit
spread of 200 basis points per annum.
Sustainability enhancements
- Sustainability Performance Target (SPT)
The facility incorporates a green building certification target,
which upon achievement, will result in a credit spread saving of
15bps. To the extent the certification target is not achieved,
there is an addition to the credit spread of 15bps.
This SPT is in accordance with FIBRA Macquarie’s
Sustainability-Linked Financing Framework issued in December 2023,
whereby FIBRA Macquarie is committed to offer financial
compensation to lenders in the event it does not meet corresponding
SPTs assigned to the applicable Sustainability-Linked Instruments
(SLI), noting that for loans such as this IFC facility, there is a
commitment to set annual SPTs. The Framework has been reviewed by
Sustainalytics, who have provided a Second Party Opinion confirming
FIBRA Macquarie’s framework aligns with internationally recognized
best practice standards regarding SLIs.
For additional information about FIBRA Macquarie’s
Sustainability-Linked Financing Framework, please click here.
This SLI, with a focus on green building performance, also
further aligns and emphasizes the IFC’s ongoing recognition of
FIBRA Macquarie as an EDGE (Excellence in Design for Greater
Efficiencies) Champion. FIBRA Macquarie is committed to utilizing
the EDGE green building certification system as a key path to
decarbonize its portfolio, and to date has EDGE-certified 74
properties, covering more than 11 million square feet of
floorspace.
- IFC Performance Standards
Additionally, the new facility incorporates commitment to act in
accordance with IFC Performance Standards, which supports our
commitment to excellence and sustainability initiatives across all
areas of our business. The standards are part of the IFC's
Sustainability Framework and are considered an international
benchmark for environmental and social risk management.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real
estate investment trust (fideicomiso de inversión en bienes
raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa
Mexicana de Valores) targeting industrial, retail and office real
estate opportunities in Mexico, with a primary focus on stabilized
income-producing properties. FIBRA Macquarie’s portfolio consists
of 239 industrial properties and 17 retail properties, located in
20 cities across 16 Mexican states as of March 31, 2024. Nine of
the retail properties are held through a 50/50 joint venture. For
additional information about FIBRA Macquarie, please visit
www.fibramacquarie.com.
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