Second-Party Opinion Download

Evaluation Summary

Sustainalytics is of the opinion that the Blackstone Property Partners Europe Holdings S.à r.l. Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Energy Efficiency, and Clean Transportation – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 9, and 11.

PROJECT EVALUATION AND SELECTION

BPPEH’s Sustainability team will be responsible for identifying eligible projects. BPPEH’s Green Finance Committee will review and approve selected projects in line with the amount of funds available. BPPEH implements the Responsible Investing Policy of its parent company Blackstone Real Estate. The policy is applicable to all allocation decisions made under the Framework and mandates that relevant material ESG considerations be factored into all equity investments as applicable. BPPEH’s sustainability and asset management teams are responsible for monitoring ESG risks. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

BPPEH’s Green Finance Committee will be responsible for the management and allocation of proceeds through a portfolio approach, using an internal tracking system and accounting records. BPPEH may temporarily use unallocated proceeds to finance debt repayments, capital expenditures, and working capital. Regarding multi-tranche loans, BPPEH will only label tranches of such facilities in which proceeds will be allocated to eligible projects and assets under the Framework. This is in line with market practice.

REPORTING

BPPEH commits to report the allocation of proceeds on its website annually until full allocation and while green financing instruments are outstanding. Allocation reporting will include information on the amount of proceeds allocated, the list of eligible green investments financed with a geographical split of the proceeds, and the balance of unallocated proceeds. In addition, BPPEH intends to report on relevant impact metrics where feasible. Sustainalytics views BPPEH’s allocation and impact reporting as aligned with market practice.