Frasers Property unit secures $785m green club loan

The net proceeds of the five-year term loan will be used to refinance the development of its Northpoint City South Wing mall.

Frasers Property’s indirect wholly-owned subsidiary Frasers Property North Gem Trustee has clinched a green club loan worth $785m, an announcement revealed.

According to Frasers Property, the green loan was drawn from a club of four banks comprising of Oversea-Chinese Banking Corporation (OCBC), DBS Bank, Bank of China’s Singapore Branch and Sumitomo Mitsui Banking Corporation Singapore.

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The net proceeds of the five-year term loan will be used to refinance existing loans relating to the development of retail mall Northpoint City South Wing, the firm said. Northpoint City South Wing is part of the largest integrated development in the north of Singapore, which includes a 920-unit private condominium, two retail mall wings with a combined net lettable area spanning more than 47,000 sqm, as well as multiple community spaces and green features.

This green loan follows Frasers Property’s recent first green loan, which was secured for Frasers Tower in September 2018. This green loan was issued under Frasers Property’s Green Loan Framework, established under the LMA/APLMA Green Loan Principles, the firm noted.