CBRE Investment Management Fund Raises €500 Million Through Second Green Bond, Reaching €1 Billion in Total Issuances

CBRE Investment Management ("CBRE IM"), on behalf of a fund sponsored by the firm, has successfully issued a €500 million senior unsecured Green Bond under its Euro Medium Term Note (EMTN) programme, bringing the fund's total bond issuance to €1 billion following its inaugural issuance in September 2025.

The €500 million notes have a five-year tenor and are rated A- by Fitch. The bond was priced at a spread of 107 basis points over mid-swaps, equating to an all-in coupon of 3.875%.

The transaction was executed in a single day, enabling the fund to take advantage of favourable market conditions following a period of volatility earlier in the week. Investor demand was strong, with the order book exceeding €2.5 billion, more than five times oversubscribed at its peak, supporting a meaningful spread compression from Initial Price Thoughts.

The issuance represents a key milestone in the evolution of the fund's debt strategy, supporting its transition from secured, asset-level financing to an almost fully unsecured capital structure. Proceeds will be used to refinance existing secured debt, with the balance applied towards repayment of the fund's revolving credit facility.

This second issuance builds on the strong momentum established by the fund's inaugural €500 million Green Bond last year. Together, the transactions establish a €1 billion unsecured funding platform, enhancing the fund's financial flexibility and positioning it for continued growth.

The bond has been issued in line with the fund's Green Finance Framework, with proceeds allocated to a high-quality pool of eligible green assets.

Duco Mook, Head of EMEA Treasury, Debt and Finance at CBRE Investment Management, commented: "This second bond issuance builds on the strong foundation established with our inaugural transaction last September and brings the fund's total issuance to €1 billion - an important milestone in the evolution of our capital structure."

Jeroen de Grunt, Fund Manager at CBRE Investment Management added: "The transaction was very well received by investors despite a more volatile market backdrop, reflecting continued demand for high-quality real estate credit and confidence in the fund's strategy. The successful execution, including the level of oversubscription and spread compression achieved, underlines the strength of the platform and enables the fund to fully benefit from unsecured debt, enhancing flexibility, scalability and efficiency."

The fund's strategic banking partners ABN AMRO, BNP Paribas, Crédit Agricole CIB, HSBC and ING acted as Joint Active Bookrunners on the transaction.

Linklaters LLP and Clifford Chance acted as legal advisors.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $155.2 billion in assets under management* as of March 31, 2026, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit https://www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.