Gold Ridge has secured a S$900 million (US$669 million) green loan from DBS, OCBC Bank and UOB for the refinancing of its retail mall NEX in Singapore, marking the firm’s first foray into sustainable finance.
NEX recently attained the Building and Construction Authority (BCA) Green Mark Goldplus certification, an improvement on their previously held BCA Green Mark Gold certification. This achievement came on the back of enhancements to their recycling and chiller plant room optimisation programmes, the implementation of a green procurement policy, the installation of a water management system to monitor water consumption, and a commitment to the formation of a green committee with participation from tenants.
PGIM Real Estate, the asset manager of NEX, and the shareholders of Gold Ridge established a Green Loan Framework together with DBS, OCBC Bank and UOB as joint green loan advisers. This green loan was raised under this framework, which was prepared in line with the relevant international principles and guidelines. DBS, OCBC Bank and UOB are also joint mandated lead arrangers for this transaction.
Benett Theseira, PGIM Real Estate’s Asia-Pacific head, says: “The strategic improvements completed at NEX geared toward furthering the sustainability of the asset are demonstrative of PGIM Real Estate’s broader commitment to incorporating ESG [environmental, social and governance] principles across our global portfolio.”