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Transactions
JANUARY 2013
Idc, nEdBanK caPItaL and BaSIS PoIntS caPItaL In FIRSt ISSUancE UndER GREEn Bond
The Industrial Development Corporation (IDC) of South Africa, Nedbank Capital and Basis Points Capital have launched an institutional Green Bond, a first for South Africa.
The R5bn bond will fund green and energy efficient industry growth and development.
Issued by the IDC‚ Nedbank is lead arranger and manager of the Green Bond, leading a consortium which includes Basis Points Capital.
Norton Rose South Africa has advised the Industrial Development Corporation of South Africa Limited (as Issuer), Nedbank Capital (as Arranger, Debt Sponsor and Dealer) and Basis Points Capital (Pty) Ltd (as Arranger and Dealer) on updating the Issuer's ZAR 15 billion local Domestic Medium Term Note Programme (Programme) and the first issuance of notes under the ZAR 5 billion Green Bond established under the Programme.
The Norton Rose team was led by Director, Pierre Swart, who commented: “This transaction constitutes South Africa's first ever institutional Green Bond and the proceeds of the capital raised will be used exclusively to fund the growth of green and energy efficient industries and has been issued in response to the South African government's New Growth Path and Industrial Policy Action Plan.” LM
MScI UnIt acQUIRES IPd GRoUP FoR $125M
MScI Inc., a leading provider of investment decision support tools worldwide, recently announced that its subsidiary, MScI Limited, is set to acquire IPd Group Limited, a holding company for the IPd Group, for a purchase price of approximately $125million, funded through existing cash. IPd is a leading provider of real estate investment performance benchmarking, performance analysis, market indices, risk management tools and market research to the owners, institutional investors, managers, lenders on, and occupiers of, real estate.
“The acquisition of IPD is part of our core strategy to provide investment decision support tools to institutional investors across all major asset classes. IPD’s real estate industry knowledge and strong capabilities complement MSCI’s expertise in providing investment tools for the equities, fixed income, hedge fund, energy and commodities markets,” said Henry Ferandez, Chairman and CEO, MSCI Inc. “This is an exciting addition to our business. We’ve seen significant demand from institutional investors globally for better coverage of private markets. The real estate investment market presents con- siderable opportunities for growth, and we look forward to helping to accelerate the institutionalization and globalization of real estate as an asset class.”
Addis Law acted for IPD Group Limited. The firm advised the company in relation to the due diligence and disclosure exercise and held the pen on the disclosure letter. They liaised closely with Linklaters’ throughout, particularly in relation to the warranties in the Share Purchase Agreement.
Addis Law continues to act for IPD Group Limited as their commercial, corporate and IP legal advisers. LM
IPD Group
Green Bond