Second-Party Opinion Download

Sustainalytics is of the opinion that the Globe Trade Centre SA Capital Group Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following: 

USE OF PROCEEDS

The eligible categories for the use of proceeds - Green Buildings and Energy Efficiency – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 9 and 11. 

PROJECT EVALUATION / SELECTION

Globe Trade Centre’s (GTC) internal process in evaluating and selecting projects is managed by a dedicated Green Bond Committee (GBC), which is comprised of senior managerial officers from the Asset Management, Development, Finance, Legal and Investor Relations departments. The GBC will identify eligible assets and evaluate them against the Framework’s eligibility criteria, internal policies, and local regulations. GTC’s Board of Directors will give final approval of selected assets. Based on these elements, Sustainalytics considers this process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

GTC’s process for management of proceeds is overseen by the Management Board. Proceeds will be allocated on a portfolio basis. GTC will track allocation using an Eligible Green Project Portfolio. GTC will strive to achieve a level of allocation within 12 months after issuance for the Eligible Green Project Portfolio which, matches or exceeds the balance of net proceeds from its outstanding Green Bonds. Any unallocated proceeds will be held and/or invested, at GTC’s own discretion, in its liquidity portfolio, in cash or other short term and liquid instruments. Sustainalytics considers this process to be in line with market practice. 

REPORTING

GTC intends to report on the allocation of proceeds on its website on an annual basis. The allocation reporting will include details such as remaining balance of unallocated proceeds, the geographical distribution of Green Projects, the share of financing/refinancing, and the status of buildings included. External verification will be provided for the final allocation report. Where feasible, GTC will report on relevant impact metrics. Sustainalytics considers this process to be in line with market practice.