Second-Party Opinion Download

Sustainalytics is of the opinion that the Vastned Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles 2018 and the Green Loan Principles 2020. Sustainalytics considers that the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11.

PROJECT EVALUATION/SELECTION

Vastned’s internal process for evaluating and selecting projects is managed by the Green Finance Committee (GFC), which is comprised of the Business Analyst, Treasurer, and CFO. The Business Analyst nominates potential Eligible Assets to the GFC for selection based on alignment with the Framework’s eligibility criteria and approval of the portfolio of Eligible Assets. Based on these elements, Sustainalytics considers this process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Vastned’s process for management of proceeds is overseen by the Treasurer. Proceeds will be allocated on a portfolio basis and Vastned will track allocation using an internal tracking system. Should any proceeds remain unallocated Vastned will manage them in line with its treasury policy. Vastned intends to fully allocate the net proceeds of green finance instruments within 24 months of issuance. Based on these elements, Sustainalytics considers this process to be in line with market practice.

REPORTING

Vastned intends to report on the allocation of proceeds on its website, on an annual basis, until full allocation. The allocation reporting will include details such as an overview of the green finance instruments issued and the amount outstanding, composition of the portfolio of eligible assets, the share of financing vs. refinancing, and the amount of any unallocated proceeds. In addition, Vastned is committed to annual reporting on relevant impact indicators where feasible and available. Based on these elements, Sustainalytics considers this process to be in line with market practice.