Far East Hospitality Trust secures first sustainability-linked loan worth $125 mil from OCBC

By Valerie Kor / EdgeProp Singapore | March 31, 2021 10:26 AM SGT
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SINGAPORE (EDGEPROP) - Singapore-focused hotel and serviced residences hospitality trust, Far East Hospitality Trust, has secured its first sustainability-linked loan facility worth $125 million for a term of five years from OCBC Bank, the sole lender for this transaction.
The trust has a portfolio of 13 properties in Singapore, including nine hotels and four serviced residences such as Oasia Hotel Downtown and Village Hotel Albert Court. Village Hotel Albert Court was awarded the BCA Green Mark Platinum certification by BCA.
The loan will be used to refinance Far East H-Trust’s existing bank borrowings, with the loan’s interest margin tied to sustainability targets such as reducing energy consumption of its portfolio. The interest margin will be subsequently reduced on a tiered basis.
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Gerald Lee, CEO of the REIT’s managers, says that the trust recognises its responsibility in conserving the natural environment and have incorporated sustainability and enhancing operational efficiency. “This maiden green loan strengthens our approach and commitment in managing our properties,” says Lee.
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