AIMCo Realty has raised $900 million through two separate green bond offerings.

Edmonton-based AIMCo Realty announced that it has completed the transactions. Each offering raised $450 million.

AIMCo Realty plans to use the funds to finance or refinance sustainable development projects, depending on each situation. The organization is the primary Canadian real estate investment arm of the Alberta Investment Management Corporation (AIMCo), one of Canada’s largest institutional investors.

“We are pleased with the depth of interest from investors for our green bond issuance,” Paul Mouchakkaa, AIMCo’s executive managing director and global head of real estate. “The proceeds will enable us to further our objective of delivering strong, risk-adjusted returns with durable inflation protection, and deliver high-quality sustainable real estate developments that are positioned to perform well in the future.”:

The offerings were in the form of Series 6 and Series 7 unsecured interest-bearing notes that will mature in 2030 and 2034, respectively. The Series 6 and Series 7 notes have coupons of of 4.64% and 4.97%, respectively, and are payable in equal semi-annual installments.

AIMCo Realty has now completed three green bond issuances under its green financing framework. The notes were sold through an agents syndicate co-led by TD Securities and Scotia Capital, which served as joint bookrunners, and CIBC World Markets and RBC Dominion Securities, which acted as joint bookrunners.

The notes received an AA (low) rating from DBRS.