Vía Célere issues first green bond by a residential developer in the Euro market

• Vía Célere diversifies its sources of financing, while reinforcing its growth plans in the residential market.
• The company led the market last year in homes delivered with 1,932 homes delivered, 65% more than in 2019 despite challenges caused by COVID-19, and has already sold 78% of the units to be delivered in 2021.

Vía Célere, a developer specializing in the development, investment and management of homes in Spain, has today announced the issuance of the first green high yield bond by a residential developer in the Euro market.

The 5-year, €300 million 5.25% high yield bond issued at par received strong demand from international investors. It was issued in accordance with the Green Bond Principles, as published by ICMA’s Green Bond Principles and reviewed by Sustainalytics, the independent global provider of ESG and corporate governance research and ratings.

The proceeds will used to finance or re-finance the construction of energy efficient residential buildings according to the green bond’s eligibility framework, which requires developments to achieve an Energy Performance Certificate rating in the top 15% of local housing.

Vía Célere, which last year led the residential market with the delivery of 1,932 homes and has already sold 78% of the units expected to be delivered in 2021, is diversifying its sources of financing, while marking a new international milestone in the sector.

José Ignacio Morales, CEO of Vía Célere, said: "This is a unique milestone for the Spanish and international residential sector, as it is the first green bond issue in Euro market made by a developer. We are particularly proud that this is a 'green' issue and therefore is fully aligned with our sustainability values. This issue does reinforce not only Vía Célere's leadership and innovation on the operational level, after our deliveries in 2020, but also our level of innovation and leadership on the financial level. Vía Célere is thus left with the necessary liquidity to lead the Spanish residential sector.”

2020 Results

2020 was a year marked by Vía Célere’s growth, strengthening its balance sheet and reducing its net financial debt by 277 million euros. This figure includes corporate debt repayments of 227 million euros, as well as other floor loan repayments and other financial obligations.

Vía Célere currently has over 3,400 homes under construction and a portfolio of over 4,700 units for sale. In addition, the developer has a portfolio of land for more than 21,000 homes in the main Spanish and with a selective presence in Portugal.