Mauritius' Oficea raises $71M green bond for office expansion
What's the deal? OficeaDealroom has a profile for this one. Try Dealroom →, the office property arm of Mauritius-based ENL GroupDealroom has a profile for this one. Try Dealroom →, has raised MUR3.4 billion ($71 million) through a sustainability-linked bond. The issuance drew banks, insurance companies, and pension funds, and was 1.5 times oversubscribed.
Why now? The bond is the first transaction under ENL Group's Sustainable Finance Framework, aligned with the International Capital Market AssociationDealroom has a profile for this one. Try Dealroom →'s principles. It ranks among the largest sustainable finance deals completed in Mauritius.
What's the endgame? Proceeds will refinance existing debt and fund The Grid, a new office development in Telfair, Moka, targeting LEED Building Design and Construction certification. Oficea aims to have more than 70% of its buildings green-certified by 2030.
What does Oficea do? It develops and manages over 65,000sqm of Grade A office space across Moka business districts, including Vivéa Business Park, Telfair, and Bagatelle. Its properties host more than 120 companies and 6,500 professionals.
Its sustainability strategy covers energy efficiency, water conservation, renewable energy, carbon emissions reduction, and indoor environmental quality. Oficea is expanding solar installations, with several buildings already meeting about 30% of their electricity needs from photovoltaic systems.
Who advised? MCB Capital MarketsDealroom has a profile for this one. Try Dealroom → structured the bond and helped develop ENL's framework. The deal also drew support from FSD AfricaDealroom has a profile for this one. Try Dealroom →, a UK government-funded agency that financed the Second Party Opinion provided by MoodyDealroom has a profile for this one. Try Dealroom →'s.
Rony Lam, chief executive officer of MCB Capital Markets, said the transaction shows how sustainable finance can support "the transition of property businesses" while highlighting the growing maturity of Mauritius' capital markets.
The signal: The issuance adds to the growing use of sustainable finance by African companies to fund projects tied to measurable environmental targets. It is among the larger sustainability-linked bond issuances on the continent.
Read more: shore.africa
Image credit: USDAgov
