Singapore’s OUE REIT signs S$600 million sustainability-linked loan

Chicago, April 24 – OUE REIT signed for an upsized sustainability-linked loan for S$600 million, a first for the borrower, according to an announcement.

The loan was 2x oversubscribed by 12 banks. The initial loan amount was S$540 million with a greenshoe for S$60 million.

Interest will be reduced based on a reduction target of absolute greenhouse gas emissions.

The loan lengthens the company’s average term of debt to 3.1 years.

No further refinancing is necessary until the second half of 2025 when 25% of the company’s total debt is due.

OCBC Bank was the sole mandated lead arranger bookrunner and the sustainability coordinator.

Proceeds are refinancing S$540 million of secured borrowings due in 2025 and will also be used for general corporate purposes.

The real estate developer is based in Singapore.

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