CBRE Investment Management Reaches €1 Billion Green Bond Milestone With €500 Million Second Issuance

LONDON — June 16, 2026 — CBRE Investment Management has issued a €500 million senior unsecured Green Bond on behalf of a sponsored fund, bringing the fund's cumulative bond issuances to €1 billion following its inaugural €500 million Green Bond in September 2025. The transaction represents a key milestone in the evolution of the fund's debt strategy.

Transaction Details and Investor Demand

The €500 million notes carry a five-year tenor and are rated A- by Fitch. The bond was priced at a spread of 107 basis points over mid-swaps, equating to an all-in coupon of 3.875%. The transaction was executed in a single day, with CBRE Investment Management citing favorable market conditions following a period of volatility earlier in the week.

Investor demand was robust. The order book exceeded €2.5 billion at its peak — more than five times oversubscribed — which supported a meaningful spread compression from Initial Price Thoughts.

"The transaction was very well received by investors despite a more volatile market backdrop, reflecting continued demand for high-quality real estate credit and confidence in the fund's strategy," said Jeroen de Grunt, Fund Manager at CBRE Investment Management. "The successful execution, including the level of oversubscription and spread compression achieved, underlines the strength of the platform and enables the fund to fully benefit from unsecured debt, enhancing flexibility, scalability and efficiency."

Capital Structure Transition

CBRE Investment Management described the issuance as a key milestone in the evolution of the fund's debt strategy, specifically its transition from secured, asset-level financing to an almost fully unsecured capital structure. Proceeds from the bond will be used to refinance existing secured debt, with the remaining balance applied toward repayment of the fund's revolving credit facility.

Together, the two €500 million transactions establish a €1 billion unsecured funding platform, which the firm said enhances the fund's financial flexibility and positions it for continued growth.

"This second bond issuance builds on the strong foundation established with our inaugural transaction last September and brings the fund's total issuance to €1 billion — an important milestone in the evolution of our capital structure," said Duco Mook, Head of EMEA Treasury, Debt and Finance at CBRE Investment Management.

Alignment With the Fund's Green Finance Framework

The bond was issued in line with the fund's Green Finance Framework, with proceeds allocated to a pool of eligible green assets.

The fund's strategic banking partners — Abn Amro, BNP Paribas Real Estate, Crédit Agricole CIB, HSBC, and ING — acted as Joint Active Bookrunners on the transaction. Linklaters LLP and Clifford Chance served as legal advisors.

About CBRE Investment Management

CBRE Investment Management is a global real assets investment management firm with $155.2 billion in assets under management as of March 31, 2026, operating in 20 countries. The firm is an independently operated affiliate of CBRE Group, Inc. (NYSE: CBRE). CBRE Investment Management manages investments across real assets categories, geographies, risk profiles, and execution formats.

Sources: CBRE Investment Management Press Release, June 16, 2026