Lendlease Global Commercial REIT first S-REIT to attain net-zero carbon target

SINGAPORE (EDGEPROP) - Lendlease Global Commercial REIT (LREIT) has achieved its net-zero carbon target ahead of its original target through energy-efficiency initiatives and reducing energy consumption within its Singapore assets, it announced on Aug 29.

“LREIT is poised to make strides in our decarbonisation journey to achieve absolute zero carbon by 2040, as the first S-REIT to attain net-zero carbon status,” says Kelvin Chow, the CEO of LREIT’s manager. “Besides adopting energy-efficiency measures, we are actively exploring new ways to reduce our energy consumption.”

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LREIT is expected to meet its sustainability performance targets under the $960 million sustainability-linked loans and $216 million sustainability-linked derivatives. Unitholders of LREIT are expected to benefit from the net interest savings.

LREIT has stayed ahead of the curve in its decarbonisation effort over the past two years, aligning with the Singapore Green Plan 2030, a national sustainability movement seeking to rally collective action to tackle climate change. A 12% reduction in its electricity consumption reflects LREIT’s commitment to combat climate change and clinch leading rankings under the GRESB real estate assessment. LREIT came in first in the Asia Retail (Overall) and Asia Retail (Listed) categories last year under the GRESB assessment.

LREIT’s portfolio comprises two retail malls — Jem and 313@somerset — as well as Sky Complex, which comprises three freehold Grade-A office buildings, in Milan. Other investments include the development of a multi-functional event space on a site adjacent to 313@somerset.

LREIT is part of the Lendlease Group, an international real estate group headquartered in Sydney, Australia.