“CPN Retail Growth Property Fund” or “CPNREIT” has successfully issued and offered ‘Sustainability-Linked Bonds’ as the first of its kind in Thailand, comprising two series with maturities of 3 years and 6 months and 7 years, totaling up to 6 billion baht, featuring fixed interest rates of 2.04% per annum and 2.53% per annum respectively, receiving a positive response from institutional investors.

Ms. Patmika Pongsuraymas, Co-CEO of CPN REIT Management Co., Ltd., the manager of CPNREIT, revealed that the CPN Retail Growth Property Fund (CPNREIT) is the first trust fund in Thailand to successfully issue sustainability-linked bonds that are registered to specific bondholders, non-subordinated, unsecured, and with a bondholder representative, totaling 6 billion baht to repay loans that the trust fund used to invest in real estate projects and support sustainability goals, such as improving energy systems in the trust's properties to reduce energy consumption and enhance operational efficiency.

The bonds offered are divided into two series: Series 1 with a maximum offering of 3 billion baht, maturing in 3 years and 6 months with a fixed interest rate of 2.04% per annum, maturing in 2572, and Series 2 with a maximum offering of 3 billion baht, maturing in 7 years with a fixed interest rate of 2.53% per annum, maturing in 2575, with interest paid every 6 months throughout the bond's life. The bonds received a credit rating from Tris Rating Co., Ltd. on August 1, 2568, rated “A+” with a “Stable” outlook, reflecting the operational strength of CPNREIT, which is the largest retail trust fund in Thailand.

The bonds are issued under the framework of CPNREIT's Sustainability-Linked Finance Framework, which aligns with the principles of sustainability-linked bonds (Sustainability-Linked Bond Principles or “SLBP”) issued by the International Capital Market Association. The Asian Development Bank (ADB) served as an advisor in developing the Sustainable Finance Framework, and UOB Thailand acted as the bond distribution manager, offering the bonds to domestic institutional investors and recognized as meeting global standards, with the International Finance Corporation (IFC), a member of the World Bank Group, as the anchor investor.

“This bond offering underscores CPNREIT's commitment to conducting business alongside sustainability efforts and will help expand the investor base interested in sustainability-linked bonds, which emphasize environmental, social, and governance (ESG) goals. Following the implementation of sustainability strategies in line with the policies of Central Pattana Public Company Limited, as the Sponsor of the trust fund, CPNREIT has been ranked in the S&P Global Sustainability Yearbook 2025 at the Member level for the fourth consecutive year and has participated in the Global Real Estate Sustainability Benchmark (GRESB) assessment and ranking for sustainability for the fourth consecutive year,” Ms. Patmika stated.