Second-Party Opinion Download

Sustainalytics is of the opinion that the Care Property Invest Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, Social Bond Principles 2020, and Green Loan Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – (i) Green Buildings, (ii) Renewable Energy, and (iii) Access to Essential Services: Healthcare Real Estate – are aligned with those recognized by both the Green Bond Principles, Social Bond Principles and Green Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental and social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 7, and 11.

PROJECT EVALUATION/SELECTION

Care Property Invest’s (CPI) internal process in evaluating and selecting projects is overseen by the Company’s Finance Department. The Finance Department, supported by the Asset Management, Building and Investment Departments, is responsible for populating an overview of potential Eligible Assets which is subsequently evaluated by a Working Group, chaired by the Finance Department/CFO and comprised of Building and Investment Departments’ members for compliance with the definition of Eligible Assets as outlined in the Framework. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

CPI’s process for management of proceeds will be overseen by the Working Group. CPI will track the net proceeds of the issuance(s) using a portfolio approach. CPI will aim to fully allocate net proceeds from the finance instruments within 24 months. Pending allocation, or in case insufficient Eligible Assets, CPI will manage the unallocated proceeds will be held in line with its regular treasury criteria, in cash or bank deposits. Sustainalytics considers this as aligned with market practice.

REPORTING

On an annual basis, CPI release a public report on the allocation of the net proceeds of issued sustainable finance instruments to its portfolio of Eligible Assets. The report will include metrics such as an overview of sustainable finance instruments issued, total amount outstanding (EUR), and amount of proceeds allocated to Eligible Assets to date. CPI is also committed to impact reporting, publicly and on an annual basis, focusing on the environmental and social impact of the assets financed by the proceeds. Sustainalytics views CPI’s allocation and impact reporting as aligned with market practice.