IndoSpace Core, which owns industrial and logistics park across major cities in India, today announced the closing of an INR 1,000 crore green loan facility provided by The Hongkong and Shanghai Banking Corporation Limited (HSBC).
The debt facility is one of the largest portfolio financing in the logistics and warehousing space in India and will cover 14 projects located in prime warehousing hubs of Pune, Chennai, Bangalore and Delhi – NCR.
“Proceeds from the debut green loan will be used towards the financing or refinancing of certified green projects. The green buildings have also achieved EDGE green building certification developed by the IFC, a member of the World Bank Group,” it said.
IndoSpace Core is a joint venture between Everstone-backed warehousing and logistics specialist IndoSpace, Canada Pension Plan Investment Board (CPPIB), and global investment and fund manager GLP.
“On behalf of IndoSpace Core, we are excited to partner with a reputed global institution like HSBC, which brings significant added value and expertise to our overall capital structure. This deal is first of its kind in the organized warehousing space in India and it reinforces IndoSpace as a leader in this segment.”Rajesh Jaggi, Vice Chairman – Real Estate, Everstone Group
Mr Jaggi further adds, “At IndoSpace, we are committed towards sustainable development and emphasize on strong corporate governance framework towards ESG. We are delighted to be awarded ‘Medium Green’ on our Green Finance Framework by CICERO Shades of Green, a renowned second opinion provider on green bond frameworks.”,
“We are delighted to have advised IndoSpace Core on the establishment of their Green Finance Framework, and to have supported their inaugural green loan transaction. We look forward to supporting more like-minded partners like IndoSpace Core in building a sustainable future.”Sunil M Shah, Managing Director, Head of Multinationals, South Asia, HSBC
Harald Francke Lund, CEO and Co-Founder of CICERO Shades of Green said, “Applying a standard for embodied energy in building materials for its warehouses, in addition to energy efficiency and water efficiency, is a clear strength of IndoSpace Core’s Green Finance Framework.”
The company which owns approximately 13 million square feet across 14 industrial and logistics parks, has set a new benchmark in green financing in India with the facility being raised under its newly established Green Finance Framework, rated ‘Medium Green’ by international independent reviewer CICERO Shades of Green.