Commercial real estate services and investment firm CBRE Group announced today a new 5-year $3.5 billion revolving credit agreement, with terms linked to a series of the company’s sustainability goals.
The new facility provides incentives tied to achieving goals, including increases in the firm’s offices over 10,000 square feet that achieve sustainability certificates, increased procurement spend with sustainable suppliers and conversion of CBRE’s North American vehicle fleet to EVs. According to CBRE’s 2021 Corporate Responsibility Report, approximately 53% of the firm’s occupied space has been certified under LEED, BREEAM, WELL or Fitwel, CBRE’s spend with sustainable suppliers was $3.4 billion in 2021 (according to EcoVadis assessments), and the company has set a goal to transition its vehicle fleet to EVs by 2035.
Emma Giamartino, Chief Financial and Investment Officer, said:
“The new facility enhances our capacity and flexibility to invest in CBRE’s growth while advancing our environmental, social and governance goals, We appreciate this continued vote of confidence from our lenders in our people, platform and strategy.”
Joint book-runners on the deal included Wells Fargo, BofA Securities, The Bank of Nova Scotia, HSBC Bank USA, National Association, JPMorgan Chase, and National Westminster Bank.