JOOL congratulates Patriam on successfully raising SEK 500 million of green bonds and alternative debt

Jun 8, 2022

Swedish property developer Patriam has completed a senior secured green bond issue of SEK 400 million, constituting the first Swedish bond issue to be certified green by the Climate Bonds Initiative. In addition, Patriam has completed a SEK 100 million in alternative debt financing.

Net proceeds from the transactions are aimed toward new acquisitions and development of Patriam’s real estate portfolio.

Andreas Holmberg, CEO of Patriam: “We at Patriam are very pleased with the great interest and trust from investors. Patriam Lilla Essingen is a very exciting project that fits well into our existing project portfolio. Green financing is also very important to Patriam as sustainability is part of the Company’s vision and permeates everything we do, from financing and construction to a sustainable lifestyle.”

Tom Olander, CEO of JOOL Group: “We congratulate Patriam on a successful capital raising of SEK 500 million, intended for acquisition and continued development of the project portfolio. The bond issue was well received by the market, and most of the investors consisted of international institutions and family offices.”

In relation to the bond issue, Patriam developed a green bond framework that successfully obtained certification by the Climate Bonds Initiative in 2021. The framework enables the company to issue green bonds earmarked for sustainable property development, both within the current as well as future bond issues. As part of the certification, Patriam’s existing Torsvik project in Stockholm and the bond financing for the project were retroactively certified as “green”.

JOOL Corporate Finance acted as Corporate Finance advisor to Patriam in the transactions. Roschier Advokatbyrå AB acted as legal Corporate Finance advisor.

The Climate Bonds Initiative is an international non-profit organisation working to mobilise the $100 trillion bond market for climate change solutions. The organisation conducts a range of services including green bond reviews and certifications.