The office complex will work towards meeting targets such as reducing energy and water usage by 20-29%
[SINGAPORE] Office complex One Raffles Quay has obtained a five-year, S$1.13 billion sustainability-linked loan (SLL) from DBS and three other banks, to support its efforts to reduce its carbon footprint.
DBS is providing S$710 million as the anchor lender and sole sustainability coordinator, the bank said on Wednesday (Apr 2).
The remaining S$420 million will be contributed jointly by Industrial and Commercial Bank of China, Bank of China and OCBC.
Proceeds from the loan will be used to refinance existing debt and for general working capital needs, including asset enhancement initiatives.
As part of the SLL, One Raffles Quay will work towards meeting sustainability performance targets, such as reducing energy and water usage by 20 to 29 per cent.
SLLs differ from other forms of sustainable financing in that they require sustainability performance targets to be met at different stages of the loan.
Jointly owned by Hongkong Land, Keppel Real Estate Investment Trust (Reit) and Suntec Reit, One Raffles Quay comprises a 50-storey North Tower and 29-storey South Tower, with about 1.3 million square feet of Grade A office space.
The Green Mark Platinum-certified development is situated between Raffles Place and Marina Bay.
As at Dec 31, 2024, the property had a committed occupancy rate of 98.7 per cent. Major tenants include Deutsche Bank, EY and ByteDance.
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