Nedbank Corporate and Investment Banking (CIB) said yesterday it had made inroads into the Ivory Coast market with a €18.5 million (R365.2) sustainability-linked loan for Cosmos Yopougon shopping mall – it is the lender’s first successful property and sustainable finance transaction in the region.
The facility was done in collaboration with HC Capital Properties, sponsor of Cosmos Yopougon shopping mall. The deal consolidated Cosmos Yopougon’s position as the leading sustainable retail destination in the region and underscored both companies’ commitment to environmental sustainability and responsible finance, Nedbank CIB said in a statement.
Cosmos Yopougon was the first operational building in Francophone West and Central Africa to achieve International Finance Corporation (IFC) EDGE Green Building certification.
The sustainability-linked debt solution, structured by Nedbank’s Property Finance Africa and sustainable finance solutions teams, represented a further step forward in green finance innovation – it was structured to incentivise continued improvement in environmental performance of the mall, with a focus on waste management that aims to reduce waste generated at Cosmos Yopougon.
Cosmos Yopougon planned to advance its sustainability strategy by implementing recycling programmes for cardboard, plastic, and construction waste.
Sanankoua Cheick Abou, managing partner of HC Capital Properties, said the transaction not only underscored Nedbank CIB’s expertise in creating sustainable finance solutions, but also demonstrated its capability to support client sustainability journeys across Africa.
Gerhard Zeelie, divisional executive at Nedbank CIB, said the deal aligned with their broader purpose-led value creation strategy, highlighting the bank’s readiness to partner with local real estate players in West Africa to deliver innovative and impactful solutions.
BUSINESS REPORT