This decision was taken despite Colonial having available around «1.900 million euro both on hand and through unused credit», revealed the company in a release issued last week. This new loan is due in 2022 and it was closed with BBVA, BNP Paribas, Natixis and CaixaBank, which acted as an Agent Bank and Sustainability Agent.
This operation follows the strategy adopted by the REIT last year, when it closed loans of the same type with CaixaBank and ING, thus reinforcing, «the message of commitment Colonial Group has in terms of Environmental, Social and Governance (ESG)», it can be read in the document.
The way forward might be through investment
Even faced with the current pandemic scenario, the consensus from the analysts consulted by the REIT revealed that it should follow its investment strategy, considering that the prime office segment – where Colonial invests the most – remains resilient to the effects of the crisis.
The REIT currently has an office portfolio spread across Madrid, Barcelona and Paris with more than 1 million sqm, which represents more than 12 billion euro. The robust fundamentals and Colonial’s resilience against the effects of the pandemic led the REIT to a BBB+ rate from S&P and a Baa2 rate from Moody’s.