Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

Vesteda Finance BV

 

Vesteda was established in 1998 as a spin-off of the residential portfolio of the Dutch pension fund ABP and is currently the largest investment fund in residential property in the Netherlands. As of early 2019, Vesteda has a total of EUR 7.3 billion (USD 8.2 billion) invested in mid market residential rental properties in the Netherlands. Their inaugural green bond in May 2019 is the second benchmark size bond under its €2.5 billion EMTN programme and the first EUR green bond by a residential fund.

The proceeds will be used to finance and refinance Vesteda’s investments in Dutch residential properties that have either an EPC Label of “A” or have undergone refurbishments resulting in at least 2 levels of improvement in the EPC label and up to a minimum level of C. This amount of improvement corresponds to a minimum of 34% reduction in CO2 emissions, which meets the threshold requirement of the Criteria.

Vesteda prioritises the environmental performance of its homes. It has set a target for at least 80% of its portfolio to have EPC Label A, B, or C, with the remaining 20% to have EPC Label D before 2021. This is more ambitious than the Dutch Government’s targets for the rental residential properties sector.

 

DATE OF ISSUE

TYPE OF INSTRUMENT

SIZE

TENOR

COUNTRY OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
May 2019 Use of Proceeds EUR 500m (USD 558m) 8 years Netherlands

Low Carbon Buildings -
Residential

Low Carbon Buildings - Upgrades

Sustainalytics pre issue report

Sustainalytics Second Party Opinion

post issuance report

 

Issuer's webpage

Issuer's press release

Green Finance Framework