SINGAPORE (EDGEPROP) - Subsidiaries of Frasers Property — Frasers Property AHL (FPAHL) and Frasers Property Industrial Australia (FPIA) — have jointly secured an A$300 million ($309.4 million) syndicated sustainability-linked loan, with an accordion option of A$25 million.

Under terms of the loan, interest cost will be reduced from the second year onwards if both Frasers Property Australia (FPA) — of which FPAHL is a subsidiary — and FPIA maintain a four-star rating or above in each of their Global Real Estate Sustainability Benchmark (GRESB) Development reports and GRESB Standing Investments reports.

Read more: Frasers Property secures Singapore’s first green loan for Fernvale Lane EC

The loan is Frasers Property’s 15th green and sustainability linked financing since Frasers Property raised the group’s first green loan in September 2018. As at Dec 31, 2020, the group has secured green and sustainability-linked financing totalling $4 billion.

By 2024, Frasers Property aims to finance the majority of its new green and sustainable asset portfolio with green and sustainable financing.