The financing strategy of the CA Immo Group is based on a balanced mix of secured and unsecured financing instruments with the aim of minimising financing costs and interest rate risk and maximising average term and flexibility. Retention and, in the medium term, improving the investment grade rating on the basis of a sound balance sheet structure with a strong equity basis is a key strategic component, which is also reflected in the objective of a defensive and robust financial profile.
The ratio of unsecured financing at Group parent company level has risen steadily since the investment grade rating was granted and accounted for around 57% of total financial liabilities as at June 30, 2020 (63% incl. the € 350 m green bond issued in October 2020). As at the last reporting date, there were five corporate bonds placed on the capital market with a total volume of approximately € 790 m (€ 1,240 m incl. the € 350 m green bond issued in October 2020) and one convertible bond with a volume of € 200 m. The remainder accounts for secured financings with a larger number of financial institutions and a total volume of € 1.1 bn.
Both the Baa2 rating and the stable outlook were confirmed by Moody’s in a credit opinion on 18 March 2020.