ING and Warehouses De Pauw conclude a 75m EUR Green Facility under WDP’s Green Finance Framework
Warehouses De Pauw (‘WDP’), the market leader in the Benelux logistics and semi-industrial property market, has successfully refinanced a 75m EUR green loan RCF with ING REF Belgium. The proceeds of this loan will be used exclusively to (re)finance eligible green assets under WDP’s Green Finance Framework. ING acted as sole lender in this transaction.
Sustainable development is a vital part of WDP’s strategy. They were the first semi-industrial real estate company to obtain the BREEAM certification for a logistic site in Europe and have since continued their effort to make sustainability an integral part of their business. Recently WDP developed a Green Finance Framework, which lists eligible project categories that promote the transition to low carbon, climate resilient growth and a sustainable environment. This Green Finance Framework was used to issue a bond of 100m EUR, and is also the basis of the Green Financing of 75m EUR with ING. The green loan financing perfectly fits WDP’s strategy for sustainable development. The proceeds of the revolving credit facility, will be allocated to refinance green building projects with an environmental certification (minimum BREEAM Very Good) and in renewables, such as solar and wind projects.
Mickael Van Den Hauwe, CFO of WDP: “Our customers expect their warehouses to meet, and where possible, exceed standard environmental performance criteria. Sustainability is not a luxury but a vital part of our business model. Selecting a global bank that stimulates the transition towards more sustainable business and empowers us to achieve our sustainability goals is a no-brainer in view of our green ambitions.”
WDP aims to achieve CO2-neutrality for its property portfolio. Having a Green Finance Framework in place supports this green ambition and is an important step in maintaining a frontrunner position in sustainability.
Pierre Devlaminck, head of Real Estate Finance at ING Belgium: “WDP is a pioneer in sustainable logistics property, while ING Real Estate Finance is a market leader in terms of financing sustainable projects. WDP’s Green Finance Framework was the perfect platform to leverage on ING’s green financing solutions and to share our common vision for sustainable real estate. ING has a strong ambition to continue to support green projects of our customers.”