Dundrum Town Center-Owner Hammerson Launches €700m Sustainability-Linked Bond
Dundrum Town Center-owner Hammerson has launched a real estate sustainability-linked bond of €700 million ($853.30 million) and said it would use the proceeds to cut debt.
The offering follows Hammerson's exit from the UK retail parks sector with a $459 million assets sale to Brookfield last month after reporting a £1.7 billion loss for 2020.
It had also issued a longer-term debt warning.
Last week, British shopping centers returned to full operations after months of lockdowns and pandemic-related curbs knocked the value of malls amid widespread retail rent deferrals and declines.
"The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals," Chief Financial Officer Himanshu Raja said in a statement.
Global green bond issuance reached a record high of $270 billion at the end of 2020 and could reach $450 billion this year, according to Climate Bonds Initiative.
Hammerson has set the target to get net positive for carbon, water, resource use and social impacts by 2030.