IFC announces COP160 billion loan to Visum to promote the development of green commercial properties in Colombia
Bogota: The International Finance Corporation (IFC), member of the World Bank Group, announced the commitment of a COP160 billion loan ($40 million equivalent) to Fondo de Inversion Colectiva Inmobiliario Visum Rentas Inmobiliarias (Visum), the fifth largest Real Estate Investment Trust (REIT) in Colombia.
The Ioan will be used to support Visum’s 2022-2024 investment plan in green commercial properties, including the development of a world-class 80,000 square meters build-to-suit warehouse for Falabella, a leading regional retailer, for its e-commerce operations.
Visum is also the first company in Latin America to partner with IFC under the Green Pathways for Real Estate Institutional Portfolios initiative (GRIP), an effort designed to support major real estate asset owners and tenants to define and implement decarbonization and net-zero strategies, laying out clear interim targets under a “4P framework” (Pledge, Plan, Proceed, and Publish). The loan and collaboration under GRIP seek to help Visum move closer to its goal of becoming the first green REIT in Colombia
Felipe Encinales, CEO of Visum Capital, Manager of Visum, expressed: “We are very proud to be the first real estate fund in Colombia to have the backing of IFC for the long-term financing of our investment plan. This support demonstrates our solidity, not only financially, but also in terms of management, having incorporated the highest international standards of operation and sustainability. The signing of this credit agreement is only the first step in the construction of this important relationship that we hope to continue deepening with IFC”.
Alfonso García Mora, VP of IFC for Europe and Latin America and the Caribbean, said: “With this collaboration, Visum not only contributes to protect the environment, but also enhances its position in a highly competitive market and boost its visibility to global investors who value sustainable business models. We are very enthusiastic with this alliance”.
During the next decade, green buildings will represent a significant investment opportunity in emerging markets: $24.7 trillion by 2030. Industry groups, real estate companies, developers, and tenants are increasingly committing to formal climate change targets. IFC supports the green transition of the industry with a deep expertise in green buildings, the Excellence in Design for Greater Efficiencies platform (EDGE) and investments with companies to reduce greenhouse gas emissions and support sustainable development.