Sun Venture obtains £85.5 million green loan from OCBC Bank
Investment firm Sun Venture has obtained an £85.5 million green loan from OCBC Bank, through the bank’s London branch, for the refinancing of 1 New Oxford Street, an office and retail development that Sun Venture owns in central London.
Originally designed in 1939, the building was restored in 2017 to make it a future-proof, sustainable building while maintaining its iconic nine-storey prow clock tower.
Green features include energy-saving Variable Refrigerant Flow (VRF) air conditioning, garden roof terraces and 100 cycle spaces to encourage the use of clean transportation. The building has been certified ‘Excellent’ under the Building Research Establishment Environmental Assessment Method (BREEAM), a recognition that is given to the top 10% of new, non-domestic buildings in the United Kingdom that meets BREEAM’s sustainability criteria.
OCBC Bank is the sole lender and green loan advisor for this transaction. The green loan was extended under Sun Venture’s existing Green Loan Framework which was developed with OCBC Bank for its maiden green loan in 2019 for the financing of 71 Robinson Road. OCBC Bank was green loan advisor for that transaction as well.
Ricky Au, Chairman, Sun Venture, said, “We are pleased to collaborate with OCBC Bank once again on green loan financing, this time for our property in the UK. Environmental sustainability forms an integral part of our real estate investment strategy. We are conscious of the environmental impact, and we are glad to play a part in building a green portfolio. We shall continue to identify opportunities to implement sustainable solutions for our properties to deliver long-term environmental benefits.”
Linus Goh, Head, Global Commercial Banking, OCBC Bank, said, “Sun Venture’s pursuit of growth in a sustainable manner is an endeavour that we are pleased to support. This green loan is the group’s second and it clearly signals their intent to anchor their growing international portfolio on environmental consciousness. We see a clear shift forward with businesses like them leading the way, taking a hard look at how best to build sustainability factors into their business strategies as well as how to tap on sustainable finance to be a driving force for change.”