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NEX recently improved its Building and Construction Authority (BCA) certification from Green Mark Gold to Green Mark Goldplus. Photo: OCBC
Gold Ridge, the owner of NEX, has secured a $900 million green loan from DBS, OCBC Bank and UOB to refinance the retail mall, marking its first foray into sustainable finance.
Located at 23 Serangoon Central, NEX recently improved its Building and Construction Authority (BCA) certification from Green Mark Gold to Green Mark Goldplus.
The improvement came after enhancements to their recycling programme to include chiller plant room optimisation program, e-waste, installation of water management system to track its water consumption and implementation of a green procurement policy.
PGIM Real Estate, the asset manager of NEX, and Gold Ridge’s shareholders established a green loan framework – under which the loan was raised – with the three banks as joint green loan advisors.
DBS, OCBC Bank and UOB also serves as the transaction’s joint mandated lead arrangers.
“The strategic improvements completed at NEX geared toward furthering the sustainability of the asset are demonstrative of PGIM Real Estate’s broader commitment to incorporating ESG principles across our global portfolio,” said Benett Theseira, Head of Asia Pacific at PGIM Real Estate.
“We’re proud to have played a part in securing this green loan and achieving BCA Green Mark Goldplus certification on the asset’s behalf.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg