, Singapore

Far East Hospitality Trust granted $125m sustainability loan

Part of the funds will be used to reduce the company's energy consumption.

Far East Hospitality Trust has borrowed $125m solely from OCBC Bank, as its first sustanability-linked loan with a term of five years.

"We recognize  our  responsibility  in  conserving  the  natural  environment  and have incorporated sustainabilityand enhancing operational efficiencyas essential partsof our operations. This maiden green loan strengthens our approach and commitment in managing our properties," said Gerald Lee, Chief Executive of the Managers, Far East Hospitality.

The funds will be used not only to refinance the company's existing bank borrowings, but also to target selected sustainability goals set in partnership with OCBC. These include adding the Building and Construction Authority of Singapore's Green Mark Certification to existing properties, and reducing energency consumption across its porfolio.

Far East Hospitality Trust has a portfolio of nine hotels and four serviced residences in Singapore.

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