August 26 2024 19:00
Nedbank Corporate and Investment Banking (CIB) is expanding into West Africa, announcing a €18.5m (R365m) sustainability-linked loan for Cosmos Yopougon, a shopping mall.
The deal enables Nedbank CIB to enter the Côte d’Ivoire (Ivory Coast) market. The loan includes a revolving credit facility in collaboration with HC Capital Properties, sponsor of Cosmos Yopougon. The deal aims to consolidate Cosmos Yopougon’s position as a sustainable retail destination in the region.
Cosmos Yopougon, is the flagship development of HC Capital Properties. It is the first operational building in Francophone West and Central Africa to achieve the International Finance Corporation (IFC) EDGE Green Building certification, the shopping centre has set a new benchmark for sustainable
construction and operations.
The sustainability-linked debt solution was structured by Nedbank’s Property Finance Africa and Sustainable Finance Solutions teams. This loan is structured to incentivise continued improvement in environmental performance of the mall, with a focus on waste management which aims to reduce waste generated at the mall The initiative aligns with the commitment of the mall to integrate
environmental, social and governance principles into its operations, financing strategy and reducing its carbon footprint through improved energy, water, and waste management practices.
“Cosmos Yopougon is dedicated to advancing its sustainability strategy by implementing recycling programmes for cardboard, plastic and construction waste. This sustainability-linked facility is a testament to our commitment to reducing our environmental impact and promoting sustainable practices within the retail property sector, and to creating sustainable returns for our stakeholders,” said Sanankoua Cheick Abou, Managing Partner of HC Capital Properties.
Nedbank CIB argues that the deal is “a clear example of how Nedbank CIB leverages its deep understanding of client needs and market dynamics to deliver impactful financial
solutions”.
Gerhard Zeelie, Divisional Executive at Nedbank CIB said the group was proud to partner with HC Capital Properties in a “pioneering transaction in Côte d’Ivoire”.
“This deal demonstrates our commitment to using our financial expertise to do good and create long-term value for our clients and the communities they serve. By focusing on key sustainability issues
such as waste management, we are helping our clients achieve their immediate and long-term sustainability goals,” he said.
“The transaction aligns with Nedbank CIB’s 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. The ongoing collaboration between Nedbank CIB and HC Capital Properties reflects a shared vision for a sustainable future,” he said.
“Nedbank CIB’s support through this sustainability-linked loan not only reaffirms Cosmos Yopougon’s position as a high-quality asset with the highest green credentials in the sub-region, but also serves as a model for future real estate green finance initiatives in West Africa,” he said.
alistair@propertyflash.co.za
