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M+S Pte obtains S$1.95B green loan from DBS, UOB, and UCBC Bank

M+S Pte obtains S$1.95B green loan from DBS, UOB, and UCBC Bank
M+S Pte obtains S$1.95B green loan from DBS, UOB, and UCBC Bank

M+S Pte Ltd., a prominent real estate owner and developer, has reportedly gained a green loan of S$1.95 billion for Marina One, its sustainable asset. The green loan has been provided by DBS Bank, OCBC Bank, & UOB (United Overseas Bank), which have acted as advisers and lead arrangers of the joint green loan.

M+S Pte has reportedly stated that this is the largest green loan obtained by a real estate company in the Asia Pacific region to date. 60% of the company is owned by Khazanah Nasional, a Malaysian sovereign wealth fund, and the remaining 40% by Temasek Holdings, an investment firm in Singapore.

The proceeds of this loan will help in partially financing the office & retail components of Marina One. These components are valued at nearly S$5 billion in total. The Marina One East & West Towers have over 1.9 million sq. ft. of Grade A office space. The towers house several multinational corporations and industry leaders including Facebook, PwC, and Netflix. Additionally, its retail space spans over 140,000 sq. ft. across 4 floors.

The company has recently stated that nearly 80% of its 1,042 luxury residences have been sold to date, which are at its 2 premium residential towers known as Marina One Residences. Innovative technologies have been adopted to boost efficiency and conserve energy, including high-performance solar glazing, energy-saving management systems, rainwater harvesting, and recycling of power and heat.

According to Ang Teck Wee, managing director of DBS Bank, & head of government-linked corporations, several companies currently need to reassess the way of delivering value for society due to the rising prevalence of various challenges.

Meanwhile, Leong Yung Chee, head of corporate banking of UOB Singapore, has cited that the green loan highlights the continuous efforts of M+S in offering significant contributions for sustainable communities and cities development.

Source credit:

https://www.businesstimes.com.sg/companies-markets/ms-bags-s195b-green-loan-for-marina-one-from-dbs-ocbc-uob