M+S Pte. Ltd. (“M+S”), through its subsidiary MS Commercial Pte Ltd, has secured a S$1.95 billion green loan for its prized sustainable asset Marina One. The integrated development was recently crowned the global winner of the sustainable development category at the prestigious 2020 FIABCI World Prix d'Excellence Awards. This is the largest green loan secured by a real estate company in Asia Pacific to date.
DBS Bank, OCBC Bank and United Overseas Bank Limited (UOB) acted as Joint Green Loan Advisors and Mandated Lead Arrangers for this transaction.
The proceeds of the green loan will be used to partially refinance the office and retail components of Marina One, which are valued at approximately S$5 billion.
Located in the new financial hub of Marina Bay, Marina One East and West Towers consist of 1.88 million square feet of Grade-A office space, including two high density floors that are cantilevered across both towers. It is home to industry leaders and multinationals such as Facebook, PwC, Mitsubishi UFJ Financial Group (MUFG), Julius Baer, Netflix, Rajah and Tann and Prudential. Marina One’s retail podium, known as The Heart, covers over 140,000 square feet across four floors with diverse retail, lifestyle and dining offerings.
While Marina One also comprises two premium residential towers – Marina One Residences – the residential component is not part of the green loan package. Over 80% of the 1,042 luxury residences have already been sold to date, with high transaction volumes continuing to grab industry headlines despite Singapore’s Circuit Breaker and safe re-opening restrictions.
Marina One was conceived with sustainability at the heart of its architecture and operation. Designed by Christoph Ingenhoven from Ingenhoven Architects, a pioneering leader in sustainable architecture, the centrepiece of the development is a sprawling biodiversity garden coined the “Green Heart”, meant to be enjoyed as a civic space and which has become a green oasis within the financial district. Every facet of Marina One’s architecture serves to create environmental benefits – from building orientation to meandering louvres on its façade that provide each level with direct shade from the sun to reduce heat and cooling needs.
A multitude of technology is also used to conserve energy and boost efficiency. These innovative measures include the recycling of heat and power, rainwater harvesting for irrigation purposes, energy saving building management systems, high performance solar glazing and the use of sustainable and energy efficient fittings and materials throughout the development.
In addition to its recent win at the 2020 FIABCI World Prix d'Excellence Awards, Marina One has achieved numerous international accolades for its sustainable design and was notably awarded the Best Innovative Green Building at the MIPIM Awards 2018. It is LEED Platinum certified and has achieved the Building and Construction Authority (BCA) Green Mark Platinum rating, the highest rating in the scheme.
Ms. Kemmy Tan, Chief Executive Officer, M+S Pte. Ltd., (陈碧敏, 首席执行官, M+S Pte. Ltd.) said, “From the very conceptualisation of Marina One, we wanted this development to be a beacon of sustainability and a symbol of change in the evolution of Marina Bay. It is living proof that commercial real estate can, and should, embrace the principles of sustainability without compromising on design and quality. In fact, many of our business partners and community were drawn to Marina One precisely because of this focus on sustainability and the efforts taken to reduce the impact on the environment.”
She added, “We are also proud to have banking partners who have supported us for many years and continue to stand behind the same sustainability values that we champion.”
Mr Ang Teck Wee, Managing Director and Head of Government-Linked Corporations, DBS Bank, (洪德辉,董事总经理,政府关联企业,企业及机构银行,星展银行)said, “As the world deals with some of the most pressing challenges of our time, more than ever, companies need to reassess how they are creating value for society. With purpose at the core of DBS’ approach to responsible banking, we are delighted to support M+S in their commitment to sustainable development, while harnessing technology to mitigate climate change. We hope that M+S’ largest green loan for a real estate company to-date in Asia Pacific will inspire and challenge more companies to incorporate sustainability into their corporate strategies for a resilient and relevant business for the future.”
Ms Elaine Lam, Head, Global Corporate Banking, OCBC Bank, (蓝淑燕, 总裁, 集团企业银行, 华侨银行) said, “We are honoured to support M+S on the green loan for its award-winning integrated development, Marina One. This landmark deal, being the largest real estate green loan in Asia Pacific, will bolster Singapore’s reputation in sustainable financing. Given the finite resources we have in our natural environment, it is vital that we create an urban landscape that is smart, healthy and sustainable. OCBC has set an ambitious sustainable finance target of S$25 billion by 2025 and we look forward to partner our customers in a collective effort to build a more sustainable future together.”
Mr Leong Yung Chee, Head of Corporate Banking Singapore, UOB (梁永祈, 大华银行集团企业银行服务（新加坡）主管), said, “At UOB, we work closely with our clients to drive sustainable development. Green financing is one way through which we support clients in their initiatives and practices to help protect the environment. The green loan to M+S, the largest to-date in Asia Pacific’s real estate sector, reflects our continued efforts in contributing to the development of sustainable cities and communities.”
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Keywords:
Sustainable finance, green loan, Marina One, OCBC, DBS, UOB, M+S
