UK commercial bank RBS International has agreed a US$200 million credit line with Fidelity International to support the latter’s inaugural European real estate climate fund.
The Real Estate Climate Impact Fund will be supported by a revolving subscription facility.
The loan will be structured under a ‘green loan’ agreement which provides the fund with beneficial pricing for sustainable investment activity.
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The credit will be used to fund the acquisition of a London property that will be refurbished in line with net zero carbon targets.
According to Fidelity, around 80% of Europe’s commercial buildings require renovation in order to meet their carbon emission targets.
The fund is Fidelity’s first article 9 fund under the EU’s Sustainable Financial Disclosure Regime.
