OUE REIT Secures First S$600 Million Green Loan for OUE Bayfront Refinancing with DBS and OCBC as Coordinators
Reuters
Aug 26
OUE REIT Secures First S$600 Million Green Loan for OUE Bayfront Refinancing with DBS and OCBC as Coordinators
OUE Real Estate Investment Trust (OUE REIT), through its joint venture OUE Allianz Bayfront LLP, has secured its first S$600 million green loan facility, alongside S$225 million in revolving credit facilities and a S$5 million bank guarantee facility. This financing arrangement, coordinated by DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited (OCBC), aims to refinance existing facilities due in 2026 and support general corporate purposes. The refinancing reduces the weighted average cost of debt to 4.1% per annum and extends the average term to 2.9 years. This move, facilitated by OUE Bayfront's BCA Green Mark certification upgrade to Platinum, marks a significant step towards sustainable financing for OUE REIT, with green and sustainability-linked borrowings expected to reach 86.1% of total borrowings by June 2025.
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