South Korea receives its first-ever property green loan from OCBC
This is also the bank’s first sustainable finance transaction in the country
According to The Strait Times, M&G Real Estate Asia has just received a green loan from OCBC Bank worth KRW115 billion (USD96.9 million), which will be used to refinance Northgate, a green building in Seoul, South Korea.
For their first sustainable finance transaction in the country, OCBC serves as the green adviser and sole lender. They said that this is also the first green loan that the country’s real estate sector has received.
The proceeds of the loan will be used to refinance the existing advances projects of M&G Asia Property Fund, managed by M&G Real Estate Asia, that have been extended for the Northgate investment.
More: Shwe Taung Group obtains Myanmar’s first green loan
Northgate is a high-rise office building equipped with eco-friendly features, such as LED light in common areas, water-efficient fixtures, rainwater recycling systems and building automation systems to remotely control lighting fixtures, air conditioning, heating and ventilation. They will also be utilising environmentally safe materials in the general upkeep and cleaning of the building.
In 2016, the US Green Building Council provided Northgate with the Leadership in Energy and Environmental Design for Existing Buildings Operations and Maintenance Gold rating.
Elaine Lam, the head of global corporate banking at OCBC Bank, said that M&G is looking to expand its green portfolio to SGD25 billion (USD18 billion) by 2025.
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