{"id":9137,"date":"2020-08-26T16:42:23","date_gmt":"2020-08-26T09:42:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9137"},"modified":"2021-06-04T15:08:49","modified_gmt":"2021-06-04T08:08:49","slug":"south-korea-receives-its-first-ever-property-green-loan-from-ocbc","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/south-korea-receives-its-first-ever-property-green-loan-from-ocbc\/","title":{"rendered":"South Korea receives its first-ever property green loan from OCBC"},"content":{"rendered":"

This is also\u00a0<\/span><\/span>the bank\u2019s\u00a0<\/span><\/span>first sustainable finance transaction in the country<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
The Twilight Seoul Tower, South Korea. namichwang\/Shutterstock<\/figcaption><\/figure>\n

According to\u00a0<\/span>The Strait Times<\/span><\/a>,\u00a0<\/span>M&G Real Estate Asia has just received a green loan from OCBC Bank worth KRW115 billion (USD<\/span>96.9 million), which will be used to\u00a0<\/span>refinance\u00a0<\/span>Northgate,\u00a0<\/span>a green building in<\/span>\u00a0<\/span>Seoul<\/span>, South Korea<\/span>.<\/span>\u00a0<\/span><\/p>\n

For t<\/span>heir first sustainable finance\u00a0<\/span>transaction<\/span>\u00a0in the country<\/span>, OCBC\u00a0<\/span>serves as the green adviser and sole lender.\u00a0<\/span>They said that this is also the\u00a0<\/span>first green loan\u00a0<\/span>that the<\/span>\u00a0country\u2019s<\/span>\u00a0real estate sector<\/span>\u00a0has received<\/span>.<\/span>\u00a0<\/span><\/p>\n

The proceeds of the loan will be\u00a0<\/span>used to\u00a0<\/span>refinance<\/span>\u00a0the<\/span>\u00a0existing advances<\/span>\u00a0projects of M&G Asia Property Fund, managed by M&G Real Estate Asia,<\/span>\u00a0<\/span>that have been extended for the Northgate investment.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Shwe Taung Group obtains Myanmar\u2019s first green loan<\/strong><\/a><\/p>\n

Northgate is a high-rise office building equipped with e<\/span>co<\/span>-friendly features, such as LED light in common areas, water-efficient fixtures, rainwater recycling systems and<\/span>\u00a0building automation systems to remotely control lighting fixtures, air conditioning, heating and ventilation.<\/span>\u00a0<\/span>The<\/span>y\u00a0<\/span>will also be utilising\u00a0<\/span>e<\/span>nvironmentally safe\u00a0<\/span>materials in the general upkeep and cleaning<\/span>\u00a0of the building<\/span>.<\/span>\u00a0<\/span><\/p>\n

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.<\/span>\u00a0<\/span><\/p>\n

Elaine Lam, the head of global corporate banking at OCBC Bank, said that M&G is looking to expand its green portfolio to<\/span>\u00a0SGD25 billion<\/span>\u00a0<\/span>(<\/span>USD18<\/span>\u00a0billion<\/span>) by 2025.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This is also the bank\u2019s first sustainable finance transaction in the country <\/p>\n","protected":false},"author":9,"featured_media":20704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[680,198,462],"class_list":["post-9137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-green-loan","tag-south-korea","tag-sustainability","news_country-south-korea","news_author-property-report"],"acf":[],"yoast_head":"\nSouth Korea receives its first-ever property green loan from OCBC | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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