On April 28, Unibail-Rodamco-Westfield (URW) successfully closed a five-year sustainability linked revolving credit facility for a total amount of €3.0 Bn. The credit facility has two one-year extension options and replaces €1.6 Bn of commitments that were scheduled to mature in 2021 and €800 Mn of commitments due to mature in 2022, 2023 and 2024.

The margin of the credit facility is linked to the Sustainable Target Score of the Group, which is based on KPIs like energy intensity, carbon emission reductions, the percentage of assets with BREEAM In-Use certification and the percentage of URW employees that have participated in CSR training.

The Clifford Chance team consisted of Cédric Burford, partner, Auriane Bijon, counsel, Jessica Hadid and Alexander Tollast, associates.