Frasers Property secures corporate syndicated green loans in Australia
Frasers Property Australia has refinanced an existing debt facility using a $600 million five year derived from the LMA/APLMA Loan Principles.
FPA must maintain its five star Global Real estate Sustainability Benchmark rating in return for interest cost saving from the second year of the loan term.
FPA group chief executive officer Panote Sirivadhanabhakdi said, “In Australia, our resolve to create places where resources are reused, recycled and restored for a more sustainable future has resulted in Frasers achieving five-star GRESB ratings.”
He added, “The interest cost savings on this green loan from the second year onwards if FPA’s GRESB ratings are maintained incentivises consistency and excellence in this aspect.”
Frasers Property Australia is evaluated for its GRESB rating using both the developer assessment for its new construction and renovations and the real estate assessment for its investment properties. FPA’s five star raitng is well ahead of the three star global average for developer asssessment and two stars for real estate assessments.
In addition, the green loan principles place green sustainability requirements on borrowers around the use of proceeds, selection and evaluation of projects, management of proceeds and reporting.
Source: The Fifth Estate
Fulya Altunyay/ [email protected]