Australian property company Lendlease has followed up its first oversubscribed green bond with a second.

The new $300 million 10-year fixed rate green bond will help fund green building projects, such as Sydney’s Barangaroo, the UK’s International Quarter London and Chicago’s Southbank.

As well as reducing the carbon emissions in buildings, the company has flagged the use of low impact materials as a factor in its eligible projects. Health and wellbeing benefits are also considered important in its green building projects.

According to the company, the combination of the new $300 million bond, which pays a coupon of 3.7 per cent, and last year’s $500 million bond will make the company the largest non-bank ASX issuer of green bonds.

Lendlease has committed to becoming a “1.5°C aligned company”. It has two carbon targets – net zero carbon by 2025 and “absolute” zero carbon by 2040.

It’s also committed to the creation of $250 million of measured social value by 2025.