SINGAPORE, 22 JANUARY 2020
Frasers Property Limited’s A$750 million dual-tranche term loan, issued by its wholly-owned subsidiary Frasers Property Treasury Pte. Ltd. in July 2019, has recently been crowned Best Green Loan for Real Estate at The Asset’s Triple A Sustainable Capital Markets Regional Awards 2019.
The loan included a A$500 million five-year green loan tranche issued under the Asia Pacific Loan Market Association (“APLMA”) Green Loan Principles. Proceeds from the green loan tranche were used to refinance existing loans for two green developments in Frasers Property’s portfolio – Alexandra Point and 51 Cuppage Road, rated Green Mark Platinum and Green Mark Gold respectively by Singapore’s Building and Construction Authority (“BCA”). To incentivise sustainable practices, the loan incorporated a reducing pricing structure linked to BCA’s Green Mark Scheme, the first such loan of its kind in Singapore.
Mr Loo Choo Leong, Group Chief Financial Officer at Frasers Property Limited, said: “This accolade is an affirmation of Frasers Property’s green loan journey, which is a natural extension of the Group’s strategic focus on sustainability. We would like to thank our banking, investor and other partners for taking this journey with us as we continue to pursue sustainable growth for the long term.”
Frasers Property’s green loan journey began in September 2018, with a S$1.2 billion five-year syndicated green loan to refinance existing loans for Frasers Tower, a 38-storey Premium Grade A office tower in Singapore's Central Business District rated Green Mark Platinum. This was the first such loan in Southeast Asia to comply with the APLMA Green Loan Principles. This was followed by another four successful green loan issuances in 2019.
The Asset Triple A Capital Markets Regional Awards are widely considered to be the industry’s most prestigious awards for banking, finance, treasury and the capital markets in the region. The inaugural Sustainable Awards recognise deals with successful offerings that have an eye on sustainability.