MAS Real Estate’s green bond



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

27 Apr 2021



PSD disclosed:

14 May 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The Project consists in the issuance of EUR 300 mln 5-year unsecured green corporate Eurobond issue (the "Green Bond") by MAS Securities BV (the "Issuer"), a limited liability company incorporated in the Netherlands and fully guaranteed by MAS Real Estate Inc. ("MAS" or the "Sponsor"), via a public placement on the Global Exchange Market of Euronext Dublin. This is the first bond issue by the Issuer and Sponsor, with all the proceeds to be used for eligible green commercial real estate assets in countries where the EBRD invests across Central and Eastern Europe. MAS is listed on the Johannesburg Stock Exchange and has a market capitalisation of circa EUR 716 mln as of 7 May 2021. The Green Bond issue is underpinned by a Green Financing Framework aligned with the ICMA Green Bond Principles and LMA Green Loan Principles, which was newly developed and validated by an independent second opinion from Sustainalytics.

Project Objectives

The proceeds from the Bond issue will be used for refinancing senior secured asset-level debt for operating CEE portfolio and to fund a pipeline of sustainable commercial real estate assets in CEE.

Transition Impact

ETI score: 61

Transition Impact arises from the Green and Well-Governed qualities.

All assets funded by the bond proceeds are set to receive minimum BREEAM Very Good or LEED Gold certifications (or equivalent). Part of the proceeds will also be invested in renewable energy projects and electric vehicle charging points at MAS' properties.

Through the Project, MAS will also align reporting and disclosure standards in relation to its investments and operations through the following actions: (i) publishing a Green Financing Report on an annual basis in relation to the Green Bond; and (ii) enhancing its reporting with the Global Reporting Initiative Standards.

Client Information


MAS is a real-estate platform focused on retail properties, with investments, through its joint venture with Prime Kapital, in selected residential and mixed-use assets. MAS is listed on the Johannesburg Stock Exchange. 

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 300,000,000.00


The EBRD's participation in the issuance will support MAS in its first attempt to tap into the capital market and will provide comfort to other investors. In addition, EBRD's guidance on sustainability and reporting have translated into MAS' commitments to improve further its practices and standards. 

Environmental and Social Summary

Categorised B (2019 ESP) with low to medium risk. The project is a capital markets transaction and the Bank's due diligence was limited to publicly available information and an in-house due diligence. Environmental & Social Due Diligence (ESDD) was carried out based on the review of the Sponsor's 2020 Annual Report, the Green Financing Framework document (Feb 2021) and completed ESDD Questionnaire (April 2021). The ESDD showed that the Sponsor has adequate environmental and social risk management capabilities for property acquisition, development and operation and is in compliance with national legislation. The proposed green bond adheres to its Green Financing Framework which is aligned with international benchmarks such as ICMA Green Bond Principles and LMA Green Loan Principles. The Issuer and Sponsor are required to ensure that the project complies with EBRD Performance Requirements as well as to submit an annual environmental report to the Bank. These requirements are incorporated into the Framework Agreement.

Technical Cooperation and Grant Financing


Company Contact Information

MAS Real Estate Inc.
+44 (0)1624 625000
2nd Floor, Clarendon House Victoria Street Douglas, Isle of Man IM1 2LN

PSD last updated

14 May 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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