Oficea raises MUR3.4bn in oversubscribed sustainable bond for green office project
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Mauritius-based real estate company Oficea has raised MUR3.4 billion through a sustainable bond issuance that was 1.5 times oversubscribed, with proceeds earmarked partly for its new Grid office development in Telfair, Moka.
Oficea, a Mauritius-based real estate company, has raised MUR3.4 billion through a sustainable bond issuance, in a transaction described as one of the largest sustainable finance deals in Mauritius and a sign of growing investor appetite for environmentally focused projects across African capital markets.
MCB Capital Markets, which advised Oficea on the transaction, said the bond was 1.5 times oversubscribed and attracted institutional investors including banks, insurance companies and pension funds.
The issuance was completed under ER Group's Sustainable Finance Framework and received an A rating from CARE Ratings.
The proceeds will be used to refinance existing debt and to finance The Grid, Oficea's new office development in Telfair, Moka, which is targeting LEED Building Design and Construction certification.
The transaction forms part of Oficea's strategy to increase the proportion of green-certified buildings in its portfolio to more than 70 percent by 2030. The company plans to progressively pursue LEED Operations and Maintenance certification for existing buildings, while new developments will be designed in line with LEED BD+C standards.
Johan Pilot, chief executive of ER Property, said the issuance reflects the group's broader strategy of integrating sustainability into the development and management of its real estate assets. "Our goal is to make environmental performance an integral part of our real estate decisions, while continuing to provide high-quality workplaces for the businesses we serve," he said.