Keppel REIT secures $110m green loan to expand property portfolio

Commercial buildings in the central business district are illuminated at dusk in Singapore. Photographer: Brent Lewin/Bloomberg

Singapore-listed Keppel REIT has obtained an unsecured S$150 million green loan facility from OCBC Bank, its second such facility this year, to grow its green building portfolio.

In a disclosure to the Singapore Exchange, Keppel REIT’s manager said the green loan facility can be utilised to finance or re-finance eligible green projects, among others. The loan was obtained by its subsidiary, Keppel REIT Fin Company (KRFC).

In June, the listed commercial office landlord obtained an S$505-million green loan facility through subsidiary Ocean Properties.

The REIT has also established the Keppel REIT Green Loan Framework, in line with green loan principles from the Loan Market Association and the Asia Pacific Loan Market Association, on the use of proceeds, project evaluation, and reporting, its filing said.

“Our Green Loan Framework will provide a clear and structured guide for Keppel REIT as we grow our proportion of green funding sources in our continued drive to build a sustainable future,” said Paul Tham, CEO of Keppel REIT Management, manager of the $6-billion REIT.

Under the terms and conditions of the Green Loan Facility agreement, OCBC may give notice to KRFC as the borrower to prepay any outstanding loans if the manager of Keppel REIT ceases to be 100 per cent directly and/or indirectly owned by Keppel Corporation.

Keppel REIT is one of Asia’s leading REITs with a portfolio of Grade A commercial assets in Singapore, the Australian cities of Sydney, Melbourne, Brisbane and Perth, as well as Seoul, South Korea.

All of Keppel REIT’s Singapore assets are certified Platinum under the Building and Construction Authority’s Green Mark Scheme. The scheme was launched in January 2005 as an initiative to drive Singapore’s construction industry towards more environmentally friendly buildings.

Most of its operational buildings in Australia have also achieved the 5 Stars National Australian Built Environment Rating System (NABERS) Energy rating, the REIT said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.