Telus has announced it will issue $225 million in green bonds to investors that are willing to help finance the completion of its new LEED-targeting downtown Vancouver headquarters, reports Business in Vancouver (BIV). This is the first time this has ever been done in North American real estate financing.

“Construction is nearing completion and we need to finance the loan going forward,” Andrea Goertz, chief sustainability officer, Telus, told BIV. “And so we chose to do it under the green bond vehicle rather than doing a typical mortgage solution.”

Although the concept of green bonds – ethical and sustainable project investments – is fairly new, Telus wanted to show leadership in the area of corporate responsibility, according to Goertz.

“Being headquartered out of Vancouver, we definitely feel sustainability is near and dear to who we are as a company,” she told BIV.

Telus’ new Vancouver headquarters, Telus Garden, is being constructed to LEED platinum specifications. The one-million-square-foot project will consist of a 22-storey office tower and 47-storey residential tower, with green retail spaces on Robson and Georgia streets.

The 10-year, 3.4-per-cent bonds will mature on July 22, 2025.