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French propco secures first sustainability-linked loan

18th April 2024

Société de la Tour Eiffel has secured a new responsible credit line, with terms linked to ESG criteria.

The French listed real estate company has arranged €90 million ($96 million) 7-year loan (5 years with two one-year extensions), provided by Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile-de-France.

The new facility replaces an existing loan which is reaching maturity. Its terms are linked to the achievement of objectives, including improved energy efficiency, the certification of new projects, and ESG training for employees.

“Signed amid a challenging environment for our industry, this deal highlights the strength of our relations with our banking partners and their commitment to supporting us as we deploy our roadmap. This first sustainability linked loan will also align our financial policy with our ESG pledges, a historical pillar in the company's strategy” said CEO Christel Zordan.

Société de la Tour Eiffel owns a €1.8 billion ($1.9 billion) portfolio of French commercial real estate assets, including Plein’R in Paris, pictured above.

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