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CDL revealed that the five-year green revolving credit facility will commence in January 2021. It is provided by a group of lenders including Credit Industriel et Commercial, Agricultural Bank of China, HSBC, MUFG, DBS, SMBC and Malayan Banking.
City Developments Limited (CDL), via its fully-owned unit CDL Properties Ltd, has obtained a $470 million green revolving credit facility for refinancing its flagship commercial property, Republic Plaza, and on-lending to other eligible green projects.
These green projects refer to those defined in CDL’s sustainable finance framework.
In a release issued on Wednesday (30 December), CDL revealed that the five-year green revolving credit facility will commence in January 2021. It is provided by a group of lenders including Credit Industriel et Commercial, Agricultural Bank of China, HSBC, MUFG, DBS, SMBC and Malayan Banking.
HSBC and DBS serve as the green loan advisors for the credit facility.
The latest green revolving credit facility follows the $500 million green loans of CDL for new property developments last year.
In 2017, CDL issued $100 million in green bonds which was allocated towards the repayment of a $100 million that was extended by CDL to Republic Plaza’s owners.
“With the pandemic heightening awareness on the need to build resilience through responsible investments, green loans have accelerated to become predominant in sustainable financing,” noted Yiong Yim Ming, CDL Group Chief Financial Officer.
One of Singapore’s tallest skyscrapers, Republic Plaza has continuously been upgraded since its completion in 1996 to improve its energy efficiency.
In 2012, Republic Plaza was conferred the highest Green Mark Platinum rating by the Building and Construction Authority. It sported a new look in 2019 after a $70 million asset enhancement initiative.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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