Frasers Property secures first green loan for The Rowe in London

The loan is worth approximately $177.7m.

Frasers Property announced that it has secured a $177.7m (£100m) five-year green loan, to be used to finance the development of The Rowe.

The Rowe is a 12-storey office building in Whitechapel, London. The Rowe has already attained BREEAM UK Interim Certificate: Design Stage "Excellent" rating, the group's first green development loan in the UK.

The green loan will enjoy a reduction in interest margin upon its first drawdown. The reduced interest margin will be maintained should The Rowe retain its "Excellent" rating. Upon The Rowe's targeted completion in the third quarter of 2022, the property will receive BREEAM UK New Construction Certification "Excellent" rating.

Group CFO Loo Choo Leong said, "As part of the group's sustainability framework, we have set five sustainability goals. These include having 80% of our owned and asset-managed properties green-certified by 2024 and for the majority of our new green and sustainable asset portfolio to be financed with green and sustainable financing within the same time frame."

In the UK, around 30% of the group's portfolio of business parks are now green-certified, and this latest green loan is the second green or sustainable financing in the country.

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