One Raffles Quay secures $1.13b sustainability-linked loan led by DBS

It is further supported by ICBC, BOC, and OCBC. 

One Raffles Quay (ORQ) has secured a $1.13b sustainability-linked loan (SLL) from DBS and three other banks to support its green initiatives.

DBS is the anchor lender, providing $710m and acting as the sole sustainability coordinator. Industrial and Commercial Bank of China, Bank of China and OCBC are contributing the remaining $420m under a five-year facility.

The funds will be used to refinance an existing loan and support asset enhancement and general working capital needs.

Under the terms of the loan, ORQ has committed to ambitious sustainability performance targets, including reducing energy consumption and water usage by between 20% and 29%.

This SLL is one of the first in Singapore to link financial incentives directly to the environmental performance of a single asset.

ORQ is jointly owned by Hongkong Land, Keppel REIT, and Suntec REIT. The development is certified Green Mark Platinum by the Building and Construction Authority and consists of two Grade A office towers offering 1.3 million square feet of space. Its major tenants include Deutsche Bank, EY, and ByteDance.

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