Just days after winning awards for green development and leasing from the US Department of Energy Better Building Alliance, Regency Centers is asking investors to put their money where their sustainable heart is.
The company has sold $250 million in “green bonds,” to be used to develop or invest in centers that are environmentally friendly. It is the first nonbank corporate borrower in the United States to do so. The monies will be used to fund either entirely or in part, the acquisition or construction of “green” retail centers. The 3.75 percent unsecured notes are due in June 2024.
“We are committed to sustainability, and this was an opportunity to support that market,” Regency CFO Lisa Palmer told The Wall Street Journal.
Earlier this week, the company was awarded the first Lighting Energy Efficiency in Parking award from the US Department of Energy's Better Buildings Alliance initiative for the “Highest Percentage Savings in a Retrofit at a Single Parking Facility” for its Rona Plaza center in Santa Ana, CA, and also was honored by the DOE and the Institute for Market Transformation as a an inaugural Green Lease Leader for incorporating lease clauses that help tenant and property owners to save energy.
And clearly, since reports are the bonds sold quickly, investors also want to put green into green.
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