Gold Ridge bags $900m green loan from DBS, OCBC and UOB
This is the company’s first foray into sustainable financing.
NEX operator Gold Ridge Pte. Ltd. has acquired a $900m green loan from DBS, OCBC Bank, and UOB for the retail mall, marking the firm’s first venture into sustainable financing.
The asset manager of NEX PGIM Real Estate as well as shareholders of Gold Ridge have created a green loan framework, with DBS, OCBC Bank, and UOB as the joint loan advisors, under which the green loan was raised.
The three banks are also the joint mandated lead arrangers for the transaction, a media release read.
NEX has received the Building and Construction Authority (BCA) Green Mark Goldplus certification recently, on the back of improvements to its recycling programme which includes “e-waste, chiller plant room optimisation programme, the implementation of a green procurement policy, installation of a water management system to monitor water consumption and commitment to the formation of a green committee with participation from tenants, amongst other initiatives,” the release added.
“The strategic improvements completed at NEX geared toward furthering the sustainability of the asset are demonstrative of PGIM Real Estate’s broader commitment to incorporating ESG principles across our global portfolio,” said Benett Theseira, PGIM Real Estate’s head of Asia-Pacific.