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Centro Vasco da Gama. Credit: Sonae Sierra

Sonae Sierra issues sustainability bonds in Portugal

The company has refinanced part of its corporate debt, to the tune of around €50 million, through the issuance of bonds linked to its sustainability performance, namely greenhouse gas emissions and the recycling rates of Shopping Centers managed and owned by Sonae Sierra.

Luís Mota Duarte, Chief Financial Officer and Executive Director of Investment Management at Sonae Sierra, said: “This operation is part of reinforcing our commitment to carbon neutrality by 2040 and our alignment with a circular economy model.”

For more than two decades, Sonae Sierra has integrated sustainability into its corporate strategy. They have been recognized by GRESB Real Estate Assessment as a Green Star for 13 consecutive years. In 2020, the implementation of energy, water, and waste management measures across its assets saved around €15 million in operating costs.

Compared to 2002, the company reduced its electricity consumption by 66% and increased the percentage of waste recycling by 223%. Since 2003, water consumption has decreased by 32%, while since 2005, its CO2 emissions have been reduced by 84%.

The operation was carried out with Caixa Geral de Depósitos, with Caixa – Banco de Investimento as organizer and general coordinator.