Green Loan Principles-aligned loan worth CAD71.5 million
Demonstrates HSBC's continued leadership in sustainable finance
VANCOUVER, BC, July 9, 2020 /CNW/ - Vancouver-based Concert Properties is the first to gain access to a new lending product that supports sustainability leaders to finance projects with strong environmental benefits including combatting climate change. Its CAD71.5 million construction loan for the Tapestry at Victoria Harbour development was converted to a green loan based on the strong green attributes of the building project including its expected lower carbon and energy footprint versus a comparable building.
Tapestry at Victoria Harbour is an active living community comprising for-sale condominiums and residential rental suites, along with supporting amenity and service space, and a small retail component. The development is projected to use 33% less energy than a comparable building and have an overall energy use intensity of 118 Kwh/sqm/yr. This intensity is commensurate with 'Step Three' of the 'BC Energy Step Code'. Concert is also targeting certification under the Canada Green Building Council's Leadership in Energy and Environmental Design (LEED) at the 'Gold' level for this building.
Concert recently developed a Sustainability Framework that lays out its plan for the next 30 years to make the company a leader in sustainable buildings, including aggressive carbon emissions reductions. The company has more than 20 buildings that have achieved LEED certification and/or Tier-2 under the Toronto Green Standard, or Step-3 under the Province of B.C. Energy Step Code.
"Tapestry at Victoria Harbour demonstrates our commitment to quality, sustainability and creating communities that inspire and enhance the wellness of an active aging resident," says Brian McCauley, President and CEO, Concert Properties. "We are dedicated to making a positive contribution to the economy, society and the environment. We are pleased to be selected for HSBC's Green Loan program. It recognizes Concert's commitment to achieving greater sustainability in our portfolio."
This first Green Loan Principles-aligned green loan in Canada follows HSBC Bank Canada's launch of a green finance proposition in late 2019. It demonstrates the bank's continued leadership in sustainable finance, and the value that its sustainability expertise can bring to its clients.
HSBC has been at the forefront of sustainable financing and is the top underwriter of green, social and sustainable bonds globally. In 2017, the bank committed to provide and facilitate $100bn of sustainable financing by 2025 to clients to develop or install clean energy and lower-carbon technologies. HSBC Bank Canada's contribution to HSBC's $100bn sustainable finance commitment was over $1bn in 2019 and included participating in $6.4bn of green and sustainable bond transactions for Canadian clients.
"We are proud to help our long-standing client, Concert Properties, extend their sustainability leadership into the area of finance and pioneer the first green loan in Canada," said Linda Seymour, Head of Commercial Banking, HSBC Bank Canada. "Our customers are becoming increasingly focussed on ESG issues, and we are committed to offering them products that help them invest in creating a lower carbon economy."
Notes to editors:
- About Concert
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing office, industrial and infrastructure properties and in property management. With operations across Canada and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada.
- About HSBC Bank Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in the country. We help companies and individuals across Canada to do business and manage their finances internationally through three global business lines: Commercial Banking, Global Banking and Markets, and Wealth and Personal Banking. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,918bn at 31 March 2020, HSBC is one of the world's largest banking and financial services organizations. For more information visit www.hsbc.ca or follow us on Twitter: @hsbc_ca or Facebook: HSBCCanada
SOURCE HSBC Bank Canada