Singapore-based M+S, a property company jointly-owned by Temasek and Kazanah, the sovereign wealth funds of Singapore and Malaysia, has secured a S$1.95bn (€1.2bn) green loan from three Singapore banks for its prime asset, Marina One.
Three of Singapore’s largest banks - DBS, OCBC and UOB – have underwritten what M+S described as the largest green loan yet issued to a real estate company in Asia-Pacific.
Proceeds of the green loan will be used to partially refinance the office and retail components of Marina One, which is valued at approximately S$5bn.
Located in the new financial hub of Marina Bay, the Marina One East and West Towers complexes provide 1.88m sqft of Grade-A office space, including two high-density floors cantilevered across both towers.
Kemmy Tan, M+S’s CEO, said: “From the very conceptualisation of Marina One, we wanted this development to be a beacon of sustainability, and a symbol of change in the evolution of Marina Bay.”
Ang Teck Wee, DBS Bank’s managing director and head of government-linked corporations, said he hoped the M+S loan would inspire and challenge more companies to incorporate sustainability into their corporate strategies for resilient and relevant business into the future.
Elaine Lam, head, global corporate banking, OCBC Bank, said the has set an ambitious sustainable finance target of S$25bn by 2025.
Leong Yung Chee, head of corporate banking, Singapore, at UOB, said the bank worked closely with clients to drive sustainable development.
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