ICAWOOD fund claims Europe’s first green equity bridge financing transaction

ICAMAP and Natixis have successfully closed what it describes as Europe’s first green equity bridge financing transaction, for ICAWOOD, a fund launched in 2019 by ICAMAP and Ivanhoé Cambridge to develop new-generation low-carbon offices in the Greater Paris region.

The real estate manager and French investment manager have agreed to a £100 million ($124 million) deal, which is the first green transaction for this type of financing. Its proceeds will be used to develop low-carbon real estate projects that implement low-carbon building technologies developed by WO2, the low-carbon office real estate developer that focuses on the Greater Paris region.

The equity bridge financing also provides ICAWOOD with extra responsiveness and flexibility in managing its real estate development operations and will allow for the issuance of guarantees and letters of credit. ICAMAP has also claimed that it will also ensure sound management of working capital requirements and capital