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Following the S$655 million in green loan facilities procured last year, the loans will be partially used to fund the acquisition of Pinnacle Office Park in Sydney. Image credit: Google Street View
Keppel REIT has obtained a total of A$300 million (S$299.65 million) in green loans from BNP Paribas and United Overseas Bank Limited (UOB), revealed its manager on Wednesday (9 December).
Following the S$655 million in green loan facilities procured last year, the loans will be partially used to fund the acquisition of Pinnacle Office Park in Sydney.
The acquisition of the freehold Grade A building is expected to be completed in the fourth quarter of 2020.
If all green loan facilities have been obtained and fully drawn on 30 September, green loans would have represented around 26% of the attributable share of Keppel REIT’s total borrowings as of 30 September.
“Keppel REIT places sustainability at the heart of our strategy and is committed to upholding high environmental, social and governance standards as we do our part in mitigating the adverse effects of climate change,” said Paul Tham, CEO of the REIT’s manager.
“We are committed to strengthen our green funding sources through working together with likeminded partners such as UOB and BNP Paribas, a long time Keppel REIT tenant, who share in our commitment towards responsible growth.”
Both the UOB and BNP Paribas green loan facilities adhere to the Keppel REIT Green Loan Framework, which is in line with the Green Loan Principles administered by the Loan Market Association and the Asia Pacific Loan Market Association.
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