This article is from the Australian Property Journal archive
SINGAPORE’S Frasers Property and its local arm Frasers Property Australia have secured a $600 million loan, the first corporate syndicated green loan in Australia.
This green loan was issued under Frasers Property’s Green Loan Framework, which details clear guidelines on how Frasers Property will evaluate and select eligible green projects based on the group’s sustainability objectives, as well as manage the net proceeds from green loans, including reporting on the manner in which the net proceeds are allocated.
The five-year term loan will be used to refinance an existing debt facility due in 2020. This syndicated green loan is Frasers Property’s third green loan after it secured a Green Club Loan for its retail mall in Singapore, Northpoint City South Wing and for Frasers Tower in Singapore in September last year.
Frasers Property group CEO Panote Sirivadhanabhakdi said sustainability is an important long-term commitment.
“In Australia, our resolve to create places where resources are reused, recycled and restored for a more sustainable future has resulted in FPA achieving five-star GRESB ratings. The interest cost savings on this green loan from the second year onwards if FPA’s GRESB ratings are maintained incentivises consistency and excellence in this aspect,” he added.
The green loan was underwritten by a syndicate of four banks including Barclays, ANZ, Mizuho Bank and CTBC Bank.
Australian Property Journal
