Green Financing
Citycon’s Green Financing Framework is based on Citycon’s sustainability strategy that spans until 2030 with an aim of becoming carbon neutral by 2030. The framework reflects practices that support the transition to a sustainable and low carbon economy through the development of green assets. Key steps in achieving our climate ambitions, concretized by our carbon emission reduction targets are engagement with construction companies in the building process, energy efficiency measures in our buildings, increased use and production of renewable energy and an increased share of environmental certified and energy efficient buildings.
Proceeds issued under the framework can therefore be used to finance or re-finance eligible green assets in categories green buildings, energy efficiency, clean transportation, renewable energy and waste management. As at December 31st, 2025, approximately EUR 3.0 billion of Citycon’s property portfolio was eligible for green (re)financing. Citycon’s Green Financing Framework is supported by a second opinion from Cicero and the company publishes an Allocation of Proceeds and Impact Report, along with a verification report from an external part, on an annual basis. Both documents are available below.
In addition to the annual report, Citycon publishes a quarterly update on the total amount of green assets in each category along with the total amount of outstanding green financial instruments. Quarterly updated figures can be found in the table below. Figures reported up until Q4/2022 are assessed in accordance with the framework that was released in 2019, and figures reported starting Q1/2023 are based on the requirements in the updated framework released in 2023.
In July 2023, Citycon was the first Finnish issuer to issue a Green Commercial Paper in the Finnish commercial paper markets. Citycon udpated its Finnish euro commercial paper program to Green format in July 2023, following this all Finnish euro commercial paper issued with a maturity date later than 30 September 2023 will be labelled as green. Citycon has issued green bonds and hybrid bonds since the launch of the green financing framework in 2019.
Green Bank Financing
In 2023, Citycon has entered into mortgage debt financing and in November the company executed a SEK 1,020 million (approx. EUR 89.5 million) 7-year secured green term loan in Liljeholmstorget Galleria in Stockholm, Sweden. The term loan is not issued under the Green Financing Framework but is classified as green by the lending banks, based on the energy scoring model developed by the banks based on energy consumption levels, green building certificates and further sustainability criteria applied for assessing whether the properties financed under the loan meet the banks' criteria for financings qualifying as green.
