The facility will be used for general corporate and working capital purposes, including the refinancing of the existing loan facilities in connection with Manulife US REIT’s green buildings.
Jill Smith, CEO of Manulife US Real Estate Management, the manager for MUST, is pleased that the REIT has secured the facility, which marks MUST’s first sustainability-linked loan.
See also: Manulife US REIT secures two-year lease renewal with US Treasury, increasing WALE to 2.3 years
“MUST’s properties are included in our sponsor’s target to reduce 80% of GHG emissions by 2050. In 2021, to further our commitment to reducing our environmental footprint, we are working with our sponsor to develop a model to identify GHG reduction opportunities specific to MUST’s buildings. We will continue to work towards our sustainability goals and translate these efforts into positive financial results to create long-term value for our unitholders,” she says.
Tan Su Shan, group head of institutional banking at DBS says that the bank is pleased to continue its longstanding partnership with MUST as it charts a more sustainable growth trajectory. Elaine Lam, head of global corporate banking at OCBC, reiterates the sentiment.
See also: Keppel DC REIT obtains JPY11 bil term loan facility and JPY7.48 bil consumption tax loan facility
“Green buildings are the building blocks of sustainable cities, so Manulife US REIT’s mission is one that we are excited to support as we continue to work with our customers to do well and do good,” she says.
Units in MUST closed flat at 71.5 US cents on March 23.
