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Commentary & Deal Flow

NEW ISSUE: CBRE €500m (WNG) 5yr Green Sr Unsec; MS+140/145bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

CBRE Europe Logistics Partners

5yr

28-May-31

€500m (WNG)

Sr Unsec

Fixed

MS+140/145


IPTs: 5yr: MS+140/145bp


  • Issuer: CBRE Europe Logistics Partners S.C.A. SICAV-SIF “ELP” (Ticker: CBRELP, Country: LU)
  • Issuer LEI: 529900ZG3L6Z4K64S041
  • Issuer Rating: BBB+ stable by Fitch
  • Issue Rating (expected): A- by Fitch
  • Format of Notes: Senior, Unsecured, RegS Bearer (Cat2), NGN, TEFRA D, Green
  • Settlement Date: 28-May-26 (T+5)
  • Size: €500m (WNG)
  • Maturity: 28-May-31 (5-year Fixed)
  • IPTs: MS+140-145 bps
  • Coupon: Fixed, Annual, ACT/ACT (ICMA)
  • ISIN: XS3385867364
  • Docs: EMTN Programme (Base Listing Particulars dated 08-Sep-25 and Supplemented on 15-May-26) / English Law / €100k x 1k / Euronext Dublin – Global Exchange Market (Non regulated market) / MWC / Clean-Up call (75%) / 3m Par-Call / Change of Control put (101%) / Asset Sale put (101%)
  • Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: (1) Consolidated Debt / Total Assets ≤ 60% ; (2) Consolidated Secured Debt / Total Assets ≤ 40% ; (3) Consolidated Fund ICR ≥ 1.5x ; (4) Total Unencumbered Assets Test ≥ 200%
  • UoP: An amount equal to the net proceeds of the issue of the Notes, being Green Bonds, will be applied towards financing and/or refinancing, in whole, or in part, Eligible Green Portfolios as further described in the Issuer’s Green Finance Framework as amended from time to time, which can be accessed at: https://www.cbreim.com/regulatory/elp-disclosures.
  • Active Bookrunners: ABN AMRO, BNP Paribas, Crédit Agricole CIB, HSBC (B&D), ING
  • Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or in the UK.
  • Selling Restriction: As set out in the Base Listing Particulars
  • DealRoadShow: An Investor Presentation has been made available at: https://dealroadshow.com Entry Code: CBREELP2026 or Direct Link: https://dealroadshow.com/e/CBREELP2026
  • Advertisement Language: The Base Listing Particulars (as supplemented) is available on the website of Euronext Dublin (https://live.euronext.com) as well as on the Issuer’s website (https://www.cbreim.com/regulatory/elp-disclosures). The Pricing Supplement relating to the Notes, when available, will be also published on the website of Euronext Dublin.
  • Timing: Books Open - Today's Business