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Green Financing

Corporate Social Responsibility (CSR) is at the heart of Unibail-Rodamco-Westfield’s strategy, as a vehicle of progress and a factor of competitiveness.
We have defined an ambitious CSR strategy, Better Places 2030, addressing the main challenges facing commercial real estate.


Unibail-Rodamco-Westfield’s CSR strategy and performance have been recognized by the industry for many years now, and as part of our strategy to diversify our financing sources, we have developed a stringent “Green Bond” framework in continental Europe to finance new development projects and/or the extension/renovation of standing assets. They meet all social and environmental criteria for the construction and operational phases defined in the “Use of Proceeds” procedure, and specified hereafter. Green bonds are only used to finance resilient “best in class” assets, in line with a clear procedure regarding funds allocation (asset analysis, selection and monitoring procedure under the “green bonds” system).

Unibail-Rodamco-Westfield issued the industry’s first green bond on the Euro market in February 2014 (€750Mn). In April 2015, the Group issued its second green bond on the Euro market (€500Mn). These issuances are testament to the successful teamwork between the Group’s departments: CSR, legal, finance and communications.
Unibail-Rodamco-Westfield engaged an independent auditor to verify that the assets financed meet the eligibility criteria. The reporting on these criteria and the independent auditor’s reasonable assurance report are presented in the Registration Document.

Outstanding Green Bonds
ISIN CodeIssue DateMaturity DateCurrencySize (currency)CouponFinal Terms
XS1038708522 February 26, 2014 February 26, 2024 Euros 750 000 000 2.50% Download
XS1218319702 April 15, 2015 April 15, 2025 Euros 500 000 000 1.00% Download
Green Bond framework
Latest statutory auditor reports
Green Bond reportings

A pioneer in the green loan market

In April 2017, Unibail-Rodamco-Westfield put in place a green loan of €650Mn with a banking syndicate. This was the first “green” syndicated credit facility in Europe.

In addition to the usual credit rating, the credit margin for the facility is dependent on the green covenants entered into by the Group. If the green covenants are adhered to, the “green” margin – which is lower, will be applied, whereas in the case of a failure to adhere to the covenants the penalty margin will be applied. This is an innovative system whereby environmental performance has a direct impact on the price of the credit facility. The respect of green covenants is verified by an independent third party.

In May 2018, and in accordance with the same principles, the Group put in place a new €400Mn “green” revolving credit facility, bringing the Group’s total green loans to €1.05Bn.