OUE REIT joint venture obtains first green loan worth $600m

It will be used to repay existing facilities due in 2026.

OUE Real Estate Investment Trust (OUE REIT) has announced that its joint venture, OUE Allianz Bayfront LLP, obtained its first $600m green loan facility, a $225 million revolving credit facilities, and a $5 million bank guarantee facility from a club of banks for the early refinancing of existing facilities secured by OUE Bayfront due in 2026 and for general corporate purposes.

The group disclosed that this financing was OUE REIT’s first green loan, anchored by OUE Bayfront’s recent BCA Green Mark certification upgrade from gold to platinum.

The group also said that with the new facilities in place, only 22.5% of OUE REIT’s total debt will be due in 2026. On a pro forma basis, the weighted average cost of debt will decrease by approximately 10 basis points to 4.1% (excluding the one-time write-off of the upfront fee of existing facilities) per annum.

Post-refinancing, the weighted average term of debt will be extended to 2.9 years from 2.7 years.

DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited are the joint green loan coordinators of the green loan.

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