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Singapore property developer and investor United Industrial Company (UIC) has secured its first sustainability-linked and inexperienced loans, which whole S$300 million (US$225 million). The loans from UOB and DBS Financial institution comprise two three-year revolving credit score services.
The S$200 million sustainability-linked mortgage, for partial refinancing of present services and normal company functions, reinforces UIC’s long-term dedication in the direction of sustainability and accountable progress. Proceeds from the S$100 million inexperienced mortgage will go in the direction of a serious upgrading of the 48-storey Singapore Land Tower at 50 Raffles Place.
That is the primary main asset enhancement of Singapore Land Tower for the reason that 2002 recladding of the constructing’s exterior façade. Inbuilt 1982, Singapore Land Tower acquired the Constructing and Development Authority (BCA)’s Inexperienced Mark GoldPlus certification in 2020.
The newest asset enhancement will introduce extra inexperienced options when accomplished by finish 2023. These embrace lush landscaped public areas, vitality environment friendly lifts and lighting, a low emissivity double-glazed exterior curtain wall system, and precedence parking for electrical/hybrid vehicles.
Each the S$100 million inexperienced mortgage and the S$200 million sustainability-linked mortgage are prolonged on a 50-50 foundation by UOB and DBS Financial institution. They’re issued underneath the UIC Sustainable Finance Framework, which is aligned with the Inexperienced Mortgage Rules and Sustainability-linked Mortgage Rules by the Mortgage Market Affiliation and the Asia-Pacific Mortgage Market Affiliation.
“Adopting inexperienced financing represents an necessary step in the direction of integrating sustainability into our future enterprise technique and operations,” says UIC chief working officer Jonathan Eu. “We now have been incorporating environmentally-friendly options into our buildings and are on course to realize the BCA’s Inexperienced Mark certification for all our buildings.
Singapore Land Tower, with common occupancy of over 94%, will stay a reside constructing through the two-year refurbishment interval.
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