Narrative
Full Description
Project narrative
On November 17, 2022, a syndicate of 8 banks, including Shanghai Pudong Development Bank Co., Ltd. (SPDB), signed an agreement to provide a SGD 3 billion syndicated green loan to Perennial Holdings Private Limited, a Singapore-based integrated real estate and healthcare company. Proceeds were used to finance the redevelopment of 8 Shenton Way. The new 305 meter-high mixed-use tower, scheduled to be completed in 2028, is expected to be the tallest skyscraper in Singapore and one of the most sustainable buildings in Asia. It will also be Singapore’s first supertall building, defined as a structure above 300 meters. As of signing, this facility was the largest real estate green loan in Asia to date. The exact terms of the loan are unknown. DBS and OCBC Bank acted as Green Loan Advisors on this transaction. Both banks, together with six other financial institutions – Bangkok Bank Public Company Limited (Singapore Branch), China CITIC Bank International Limited, Hong Leong Finance Limited, Malayan Banking Berhad (Singapore Branch), Shanghai Pudong Development Bank, Singapore Branch, and UOB – served as Mandated Lead Arrangers. OCBC Bank was the Facility Agent and Security Agent for the loan.
Staff comments
1. The individual contribution of the 8 lenders to this SGD 3 billion syndicated loan is unknown. For the time being, AidData has estimated the contribution of SPDB by assuming that each lender contributed an equal amount (SGD 375,000,000) to the syndicated loan.