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Funan, a BCA Green Mark Gold PLUS integrated development in CMT’s portfolio, boasts the largest area for urban agriculture in the city with a 12,000 sq ft food garden and a 4,000 sq ft urban farm. Photo: CapitaLand
CapitaLand Mall Trust (CMT) has secured its first sustainability-linked loan of $200 million from United Overseas Bank Limited (UOB), revealed CMT management in a release on Tuesday (8 September).
The loan, which was converted from a $200 million revolving credit facility, will see UOB offering CMT tiered interest rates based on the achievements of the trust in the annual GRESB Real Estate assessment.
GRESB is an environmental, social and governance (ESG) benchmark for real estate and infrastructure firms’ ESG efforts in management, environmental performance and building development.
“The sustainability-linked loan from UOB marks another milestone in CMT’s journey to continually strengthen our ESG standards while creating long-term value for our stakeholders,” said Tony Tan, CEO of the trust’s manager.
He revealed that the loan follows a $200 million green loan in October 2019 to fund CMT’s Building and Construction Authority Green Mark-certified properties
“CMT is firmly committed to sustainability and we are pleased to be able to capitalise on our ESG achievements to enhance our financial position, especially during these uncertain times,” he added.
UOB Head of Corporate Banking Singapore Leong Yung Chee shared that the bank is committed at collaborating with its clients to advocate sustainable development.
“This sustainability-linked loan demonstrates how UOB and CMT are working together to drive responsible growth for the benefit of our community. It also builds on our efforts to help more companies in Singapore improve their ESG impact through the use of sustainable financing solutions.”
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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