Commentary & Deal Flow

Net Zero Properties S.à r.l., a portfolio company of ZAGA Capital Partners, a privately owned, fully integrated German residential real estate platform with a portfolio of residential properties located in Western and Northern Germany, (country: Lux) expected to be rated BB+ (positive outlook) by Fitch, has mandated Citigroup and Goldman Sachs as Joint Global Coordinator, Joint Bookrunner and Joint Sustainability Framework Structurers to arrange a series of fixed income investor calls starting on 07-Sep-26. A NetRoadshow presentation (including voiceover) will be made available. Citigroup is coordinating logistics.

An expected €550m WNG, Reg S bearer, green senior unsecured 4yr € offering will follow, subject to market conditions.

• Use of Proceeds: Acquisition financing and general capital expenditure, repayment of existing junior debt and payment of transaction-related costs. The issuer intends to apply an amount equal to the net proceeds from the issuance of the Notes to finance or refinancing Eligible Green Projects as per their Sustainable Finance Framework.
• Expected Issue Rating: BB+ by Fitch
• Governing Law: Standalone German-law governed documentation
• Listing: Euro MTF market of the Luxembourg Stock Exchange
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply.
• Target Market: Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.