Paris Towers Earn Europe’s 1st Green Bond Certification
Developed by Ivanhoé Cambridge and Natixis Assurances, the 1 million-square-foot DUO project includes some 21,500 square feet of green space.
By Anca Gagiuc
Ivanhoé Cambridge and Natixis Assurances, partners in the DUO towers development in Paris, have been awarded the “Climate Bond Certified” label by Climate Bonds Initiative (CBI) for the aforementioned project. The certification marks Europe’s first green-labelled commercial real estate loan, which totaled nearly $600 million (€480 million).
DUO landed the loan in November last year, from a banking syndicate consisting of BNP Paribas, Crédit Agricole Corporate & Investment Bank, Deutsche Pfandbriefbank AG, La Banque Postale, Natixis and Banque Européenne du Crédit Mutuel, represented by Crédit Agricole Corporate & Investment Bank. To receive the CBI certification, DUO mandated German rating agency oekom research AG as verifier of the Low Carbon Buildings – Commercial Properties standard and organized the reporting structure for the monitoring of environmental certifications, energy consumptions and carbon dioxide emissions.
Natixis, as the green certification agent on the loan, plans on expanding its role in green and responsible financing. Ivanhoé Cambridge, which mandated Natixis to conduct the certification process, also intends to up its role in this emerging green lending market.
DUO is a major urban architectural project encompassing more than 1 million square feet in the 13th arrondissement of Paris. Designed by Ateliers Jean Nouvel, the mixed-use development consists of two towers (29 and 39 stories), various areas open to the public and more than 21,500 square feet of green space.
Evergreen development
The DUO project is set to be built to the highest standards of environmental and energy performance to earn several green certifications, including: the Effingie+ label, HQE Exceptional and LEED Platinum. DUO is also one of the first French buildings to achieve WELL Core & Shell Certification.
“Our quest for the highest environmental standards in our projects is an integral part of our best practices in corporate social responsibility,” Nathalie Palladitcheff, executive vice president & CFO of Ivanhoé Cambridge, said in prepared remarks.
Video courtesy of Ivanhoé Cambridge
