Nedbank Corporate and Investment Banking (CIB) is pleased to announce its first property and sustainable finance transaction in Côte d’Ivoire, marking a milestone in its expansion into the West African market. This landmark deal involves an €18.5m sustainability-linked term loan and revolving credit facility in collaboration with HC Capital Properties Ltd, sponsor of the Cosmos Yopougon shopping mall. This consolidates Cosmos Yopougon’s position as the leading sustainable retail destination in the region and underscoring both companies’ commitment to environmental sustainability and responsible finance.

Reducing waste and the carbon footprint of the Cosmos Yopougon shopping centre

Cosmos Yopougon, a flagship development of HC Capital Properties, has consistently demonstrated its leadership in green practices. As the first operational building in Francophone West and Central Africa to achieve the International Finance Corporation EDGE green building certification, the shopping centre has set a new benchmark for sustainable construction and operations. The shopping centre is a unique example of how commercial real estate can contribute to sustainable development.

The newly secured sustainability-linked debt solution, structured by Nedbank’s Property Finance Africa and Sustainable Finance Solutions teams, represents a further step forward in green finance innovation. This loan is structured to incentivise the mall’s continued improvement in environmental performance, with a focus on waste management to reduce waste generated at Cosmos Yopougon. This initiative aligns with the mall’s commitment to integrating environmental, social, and governance principles into its operations, financing strategy, and reducing its carbon footprint through improved energy, water, and waste management practices.

‘Cosmos Yopougon is dedicated to advancing its sustainability strategy by implementing recycling programmes for cardboard, plastic, and construction waste. This sustainability-linked facility is a testament to our commitment to reducing our environmental impact and promoting sustainable practices within the retail property sector,’ said Sanankoua Cheick Abou, Managing Partner of HC Capital Properties.

The debt facility will aid in refinancing bonds from previous lenders and further contribute to the mall’s sustainability strategy. From construction to operation, and redevelopment, the mall has followed international retail industry standards, incorporating optimal green features for an environmentally friendly  and energy-efficient operation. This includes the use of sustainable and economical building materials – reducing their electricity consumption and carbon emissions.

In terms of their tenants, Cosmos Yopougon has streamlined waste disposal through single-stream recycling. They also encourage participation in the initiative through a comprehensive awareness programme that highlights the significance of recycling store waste. These initiatives, coupled with annual reviews of the waste and recycling data from all properties, allow the mall to detect gaps in the process, explore opportunities to optimise waste management, and increase recycling rates.

Waste management is one of the key sustainability concerns in the retail property sector. Through the collaboration between Nedbank CIB and the mall’s owner, Emergence Plaza Ltd, Cosmos Yopougon has the resources needed to achieve their objectives.

Nedbank CIB is committed to providing innovative funding solutions across Africa 

The transaction not only underscores Nedbank CIB’s expertise in creating bespoke sustainable finance solutions, but also demonstrates its capability to support clients' sustainability journeys across Africa. This deal is a clear example of how Nedbank CIB leverages its deep understanding of client needs and market dynamics to deliver impactful financial solutions.

‘We are proud to partner with HC Capital Properties in this pioneering transaction in Côte d’Ivoire. This deal demonstrates our commitment to using our financial expertise to do good and create long-term value for our clients and the communities they serve. By focusing on key sustainability issues such as waste management, we are helping our clients achieve their immediate and long-term sustainability goals.’ – Gerhard Zeelie, Divisional Executive of Property Finance Africa at Nedbank CIB

The transaction aligns with Nedbank CIB’s broader purpose-led value creation strategy, highlighting the bank’s readiness to partner with local real estate players in West Africa to deliver innovative and impactful solutions.

The ongoing collaboration between Nedbank CIB and HC Capital Properties reflects a shared vision for a sustainable future. Nedbank CIB’s support through this sustainability-linked loan not only reaffirms Cosmos Yopougon’s position as a high-quality asset with the highest green credentials in the subregion, but also serves as a model for future real estate green finance initiatives in West Africa.

Nedbank CIB’s recent accolades, including being named the Best Bank for Sustainable Finance in South Africa and Best Bank for Green Bonds in Africa by Global Finance in 2024, further cement its leadership in the sustainable finance sector​.