SINGAPORE, 9 JULY 2024

Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Group”) today announced that its wholly-owned subsidiary, Frasers Property Treasury Pte. Ltd., has obtained a five-year sustainability-linked loan (“SLL”). The syndicated term loan facility comprises two tranches – an A$407 million loan and a US$407 million loan, amounting to approximately S$904¹ million equivalent. Proceeds from the SLL will be used to refinance existing loans and for working capital and other general corporate purposes.

Mr Loo Choo Leong, Group Chief Financial Officer of Frasers Property, said, “Green and sustainable financing is an integral part of our transition to improve our portfolio’s sustainability performance.  We continue to tap the market that has supported our sustainability journey, as we commit to reducing our carbon footprint towards net-zero by 2050.”

A key feature of the SLL is its price reduction structure pegged to the Group’s GRESB² performance, which enables the Group to enjoy savings in borrowing costs if prespecified GRESB performance targets are met. A globally recognised industry benchmark, GRESB provides validated environmental, social and governance (ESG) performance data annually on real estate assets and portfolios.

The Group has participated in GRESB assessment from 2015, with all listed and non-listed business units of Frasers Property participating annually for targeted sector benchmarking since 2021. Notably in 2023’s assessment, the Group saw significant improvement in its overall GRESB scores. Furthermore, in the Standing Investments assessment, Frasers Property Industrial was recognised as Regional Sector Leader for its existing assets in Australia, while Frasers Property Singapore was named Regional Sector Leader in the Asia’s Diversified – Office/Retail (non-listed) category. The results reflect the Group’s ongoing efforts to enhance its sustainability performance across its business.

Sustainable financing remains an integral aspect of Frasers Property’s decarbonisation journey, as the Group further diversifies its funding sources with green or sustainability-linked finance. With this latest SLL, the Group has secured more than S$13 billion of green or sustainability-linked loans and bonds.

Frasers Property is making good progress in its ESG journey. Amidst an evolving regulatory and ESG landscape, the Group refreshed its ESG Goals in FY23 with time-bound targets to ensure they remain relevant to its operating and strategic context. For greater transparency and accountability, the Group released its inaugural ESG Data Book early this year with its inventory of Scopes 1, 2 and 3 emissions.³ It reported a 29% decrease in Scope 1 and Scope 2 location-based carbon emissions in FY23 compared to the base year of FY19.

1     Based on the exchange rate of A$1: S$0.87 and US$1: S$1.35 as at March 2024.

2     https://www.gresb.com/nl-en/

3     https://www.frasersproperty.com/who-we-are/sustainability/reports-and-policies