Bookmark & Share
The loan will be used to refinance 1 New Oxford Street, Sun Venture’s office and retail development in central London.
Singapore-based multi-asset investment firm Sun Venture has secured an £85.5 million ($159.2 million) green loan from OCBC via the bank’s London branch.
The loan will be used to refinance 1 New Oxford Street, Sun Venture’s office and retail development in central London.
Originally designed in 1939, the development was restored in 2017 to make it a sustainable, future-proof building while maintaining its nine-storey prow clock tower.
Green features include garden roof terraces, energy-saving Variable Refrigerant Flow (VRF) air conditioning and 100 cycle spaces to encourage the use of clean transportation.
The development has been certified “Excellent” under the Building Research Establishment Environmental Assessment Method (BREEAM), a recognition given to the top 10% of new, non-domestic buildings within the United Kingdom that meets the sustainability criteria of BREEAM.
OCBC is the sole lender and green loan advisor for the transaction. The green loan was extended under the existing Green Loan Framework of Sun Venture that was developed with OCBC in 2019 for the financing of 71 Robinson Road.
“We are pleased to collaborate with OCBC Bank once again on green loan financing, this time for our property in the UK. Environmental sustainability forms an integral part of our real estate investment strategy. We are conscious of the environmental impact, and we are glad to play a part in building a green portfolio,” said Ricky Au, Chairman, Sun Venture.
Linus Goh, Head, Global Commercial Banking, OCBC Bank, noted a “clear shift forward with businesses like them leading the way, taking a hard look at how best to build sustainability factors into their business strategies as well as how to tap on sustainable finance to be a driving force for change”.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
Related Articles: