Green Bond Fact Sheet

Quadreal Property Group

Date: 29/07/2020

Issue date: 24-07-2020 Maturity date: 24-07-2030 Tenor: 10Issuer name

Quadreal Property
GroupAmount issued

CAD350m/USD268m

Country of risk

CanadaCBI Database

Included

Issuer type1

Non-FinancialCorporate

Bond typeSr Unsecured

Green bond framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☒ Offshore wind
☒ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☒ HVAC systems☒ Energyperformance☐ Water performance☒ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☒ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☒ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☒ Waste management☒ Recycling☒ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☒ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☒ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

QuadReal will provide annual updates on its website and will detail the allocation and KPIs
until net proceeds are fully allocated to Eligible Green Projects.
QuadReal may also request annually a limited assurance report or review of the net
proceeds’ allocation from an external auditor or reviewer.
Vancouver Headquartered QuadReal is a global real estate investment, operating anddevelopment company. QuadReal manages about USD28bn in real estate assets for theBritish Columbia public sector pension fund and manages a USD34.3bn real estate portfolio
spanning 23 Global Cities across 17 countries, and a USD5.5bn mortgage investment
portfolio in Canada and the United States.

Firsts, records andcertifications
Proceeds description

The proceeds will support eligible categories including green buildings, renewable energy,
resource and energy efficiency, pollution prevention, clean transportation and climatechange adaptation and can be used for refinancing.

Climate Bonds viewCBI welcomes QuadReal’s inaugural green bond. Benefiting from the low interest rateenvironment and strong investors’ demand for green bonds, this offering achieved pricing
advantage (i.e. lower cost of borrowing indicated by compressed yield spreads compared tovanilla equivalents). This is a syndicated deal that ensures the issuer can raise the target
amount, fine-tune the price and choose which investors to allocate to. CBI applauses
QuadReal’s commitment for post-issuance reporting and the SPO and potential audit. CBI iskeen to see more successful green bonds issuance with the same level of transparency.
RBC Dominion Securities Inc., BMO Capital Markets, TD Securities Inc, CIBC, Scotiabank,
HSBC and National Bank made up of a syndicate of agents, as it is on an agency rather thanunderwritten basis.

Underwriters
Deal comments
Credit rating

AA (low) (DBRS Limited)

Pricing summary•Investors summary

1Coupon: 1.747%

This is a placement that has distributed to 57 investors, 70% of which are green investors

Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign