Goldman Sachs completed what Moody’s called the first ever green CMBS transaction in Europe earlier this year.

River Green CMBS

River Green Finance 2020 DAC is the securitisation of a €196m (£170m) loan secured by River Ouest, an office property on the edge of Paris largely let to a single tenant with 10 years left on the lease.

Goldman declined to comment on why the CMBS was green, but information shared by Moody’s and other ratings agencies provides some details.

Independent research firm Sustainalytics reviewed the bond and concluded that it aligned with the ICMA Green Bond Principles, which provides guidance on what a green bond should look like.

The underlying property in the CMBS was awarded a BREEAM ‘Very Good’ rating in January 2017. To maintain compliance with the ICMA principles, the building has to maintain or improve its environmental standard.