M+S nabs $1.95b green loan for Marina One
The proceeds will be used to partially refinance the office and retail components of the site.
Real estate firm M+S, through its subsidiary MS Commercial, has secured a $1.95b green loan for its sustainable asset Marina One, an announcement revealed. This claims to be the largest green loan secured by a real estate company in Asia Pacific to date.
DBS Bank, OCBC Bank and United Overseas Bank (UOB) acted as the 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 $5b.
Located in the new financial hub of Marina Bay, Marina One East and West Towers consist of 1.88 million sqft of Grade-A office space, including two high density floors that are cantilevered across both towers.
Some of the tenants of the property are Facebook, PwC, Mitsubishi UFJ Financial Group (MUFG), Julius Baer, Netflix, Rajah and Tann and Prudential.
Whilst 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.
The property makes use of technology 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.