FREY continues its sustainable financing policy and contracts a new €110 million loan integrating ESG performance criteria
Today FREY announces the signature of a new medium-term (five-years with two one-year options extension) credit line integrating environmental, social and governance (ESG) performance criteria for a total amount of €110 million with its long-standing banking partners.
With its status as a B Corp™ certified “entreprise à mission”, FREY is committed on a daily basis to a more responsible society, respectful of the environment and socially beneficial to its ecosystem. The new financing is consistent with the Group’s responsible credit strategy.
As a reminder, the financial conditions are linked to the respect of 4 major CSR commitments by FREY up to 2030, which are:
- the continued investment and operation in sustainably managed French forests through FoREY, its forestry group created in 2020;
- the achievement of environmental certification: BREEAM for the Group’s large-scale development projects retained by the REIT and BREEAM In-Use for large-scale portfolio assets with the aim of seeing 100% of assets certified by 2025;
- the development of low-carbon mobility aimed at reducing the greenhouse gas (GHG) emissions (scope 3) of its portfolio assets ([1]);
- the renewal of B Corp® certification obtained in 2021.
This new financing enables FREY to continue strengthening its liquidity with the systematic implementation of its ESG commitments. Responsible bank loans with a CSR component thus account for 100% of the Group’s corporate financing.
BNP Paribas acted as agent, coordinator, co-arranger alongside Crédit Mutuel Arkéa, LCL, Société Générale, as well as ESG coordinator alongside LCL and Societe Generale. Caisse Régionale de Crédit Agricole Mutuel Languedoc, CIC Est, Banque Européenne du Crédit Mutuel (BECM) and BRED Banque Populaire acted as lenders.
FREY was advised by De Pardieu Brocas Maffei.
([1]) By setting up charging stations for electric and hybrid vehicles, the objective being 5% of total parking spaces in 2025 and 10% in 2030.