Second-Party Opinion Download

Sustainalytics is of the opinion that the Ghelamco Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and Green Loan Principles 2018. 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 and Green Loan Principles. Sustainalytics considers that the investing in eligible real estate projects will lead to improvement in sustainability and energy efficiency of buildings in Belgium, France, Poland, and through future investments potentially in the United Kingdom, Luxembourg, Cyprus and the Netherlands, and advance the UN Sustainable Development Goals, specifically Goal 7 and Goal 11.

PROJECT EVALUATION/SELECTION

The Ghelamco Treasury Department is responsible for the initial evaluation and selection process at the Ghelamco Group level on at least an annual basis. After this, the dedicated Ghelamco Green Finance Committee comprised of representatives from its managing board and technical teams will evaluate and approve the list of Eligible Projects following the eligibility criteria. This is in line with market practice.

MANAGEMENT OF PROCEEDS

The Ghelamco Treasury Department is in charge of management of proceeds using a portfolio approach on at least an annual basis until full allocation. Proceeds will be tracked via an internal register. Ghelamco intends that the total volume of the green finance proceeds will not exceed the balance of Eligible Projects at the Ghelamco Group level and replace projects that are out of eligibility with new projects as soon as reasonably practicable. Pending full allocation, unallocated proceeds will be managed following the company’s regular treasury criteria. This process is aligned with market practice.

REPORTING

Ghelamco intends to annually publish reports on allocation and impact in the Investor Relations section on the website until full allocation. Allocation reporting will include an overview of the green finance instruments and the total amount of outstanding volume of issued green finance instruments, a breakdown of allocations for the specific location of projects, the share of financing and refinancing, and the total amount of unallocated proceeds. Impact reporting will include an overview of Eligible Projects and their environmental classification on specific internationally recognized certification schemes as well as information on selected case studies of Eligible Projects. This is in line with market practice.