Caisse de d茅p么t et placement du Qu茅bec (CDPQ) and Nuveen鈥檚 US green capital division have set up a $600m (鈧�546.6m) commercial real estate financing venture.
The Canadian investor and Nuveen Green Capital (NGC) have launched the financing programme which combines commercial property assessed clean energy (C-PACE) financing and senior bridge and construction financing.
The pair said the financing programme will provide a 鈥渟ubstantial source of flexible, committed, and discretionary capital for new large-scale construction and bridge financings across key asset classes and markets鈥�.
NGC will act as the primary sourcing agent for the integrated financing programme.
Marc Cormier, EVP and head of fixed income at CDPQ, said: 鈥滵eveloping greener buildings and reducing the carbon footprint of our built environment can create significant value. Through this distinctive financing programme, we are able to accelerate the implementation of environmentally sound measures for commercial real estate owners and developers.
鈥漌e are excited to combine our long-term capital with Nuveen Green Capital鈥檚 extensive expertise to offer a sustainable integrated financing solution that fully aligns with CDPQ鈥檚 climate strategy and commitment to decarbonize the real economy.鈥�
Jessica Bailey, president and CEO of Nuveen Green Capital, said: 鈥滳DPQ鈥檚 strong commitment to sustainability and track record of innovation align very well with our mission. This programme represents another exciting milestone for the C-PACE industry and Nuveen Green Capital.
鈥淲e are thrilled to be working with CDPQ to build this one-stop shop for bridge and construction loans to meet the growing need for commercial real estate financing.鈥�
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