PGIM Real Estate is party to a S$900m (€561m) green loan from a consortium of Singapore banks for a shopping mall PGIM manages in the city-state.
The loan was issued to Gold Ridge, owner of the retail asset NEX, to refinance the mall. NEX is partly-owned by PGIM Real Estate.
PGIM Real Estate has established a Green Loan Framework jointly with DBS, OCBC Bank and UOB. The loan, the first for Gold Ridge, was written under this framework.
“The strategic improvements completed at NEX are geared towards furthering the sustainability of the asset and are demonstrative of PGIM Real Estate’s broader commitment to incorporating ESG principles across our global portfolio,” said Benett Theseira, PGIM Real Estate’s head of Asia-Pacific.
Elaine Lam, head, global corporate banking, at OCBC Bank, said the bank’s participation in the green loan to Gold Ridge was an extension of the strong relationship the bank had with PGIM Real Estate.
Lim Lay Wah, managing director and group head of global financial institutions group, UOB, said UOB was collaborating with Gold Ridge and PGIM Real Estate as part of its overall commitment to lessen the environmental impact of Singapore’s existing buildings.
Chew Chong Lim, a DBS Group head of real estate, Institutional Banking, said that with sustainability fast becoming a top business imperative, the bank was seeing more companies looking to adopt responsible financing practices as part of their corporate strategies.
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