ER Group's Sustainable Finance Framework delivers its first Sustainability-Linked Bond with Oficea

Our Sustainable Finance Framework has delivered its first transaction. On 24 September 2026, Oficea, a subsidiary of ER Property, completed a MUR 3.4 billion Sustainability-Linked Bond issuance, advised by MCB Capital Markets.
 

 Building greener workplaces
 

The bond ties its financial terms to the environmental performance of Oficea's buildings. Proceeds will refinance existing debt and fund The Grid, a new office development in Telfair, targeting LEED Building Design and Construction (LEED BD+C) certification.
 

Existing offices will progressively move towards LEED Operations & Maintenance (LEED O+M) certification, while new developments will be designed to LEED BD+C standards from the outset. The work covers energy efficiency, carbon emissions reduction, renewable energy, water management and indoor environmental quality, with a clear goal: more than 70% of Oficea's buildings to be green-certified by 2030.
 

For the 6,500 professionals who work in Oficea buildings across Moka, the shift is already visible. Solar panels on several buildings now supply around 30% of their electricity, with more installations underway. The next steps are lower water use, smarter energy management and more offices meeting international environmental standards.

Johan Pilot, CEO of ER Property, explains:

From framework to first issuance
 

When we introduced the Framework in June, we set a single reference for financing sustainable growth across our seven segments. One of its two mechanisms, the Sustainability-Linked Bond, links borrowing terms to measurable, independently audited targets. Under it, we are driving 50% of our commercial rental portfolio towards recognised green building standards by 2031. Oficea's issuance brings the mechanism to life.
 

ER Property was a natural starting point, as green-certified developments from our Real Estate segment were among the first pool of eligible projects. Rated A by CARE Ratings, the issuance was 1.5 times oversubscribed, attracting strong investor interest in the sustainability strategy of both ER Group and Oficea.

Hubert Perdrau, Head of Finance at ER Property, adds:

At MUR 3.4 billion, the bond is one of the largest sustainable financing transactions ever completed in Mauritius. It also ranks among Africa's largest Sustainability-Linked Bond issuances, breaking new grounds with performance targets built specifically for the real estate sector. Financed by FSD Africa, a UK Government-backed development agency, Moody's Second Party Opinion provided independent validation, strengthening the credibility of both our sustainability strategy and Oficea's bond issuance.
 

What comes next
 

This milestone paves the way for more issuances under our Framework. Across the Group, projects in solar energy, electric mobility, water efficiency and ecosystem restoration are already lined up as eligible investments. Each future transaction will follow the same principle: linking how we fund our growth to real progress on the ground.
 

Discover our Sustainable Finance Framework and Moody's Second Party Opinion here.