SINGAPORE - United Overseas Bank , DBS Bank and Standard Chartered ank have teamed up to provide a $945 million green loan to Allianz Real Estate and Gaw Capital Partners for their acquisition of Duo Tower and Duo Galleria in Bugis.
Located above the Bugis MRT Interchange station, Duo Tower is an office block with 570,000 square feet of prime Grade-A commercial space, while Duo Galleria comprises 56,000 sq ft of retail space. The assets were purchased for $1.58 billion from M+S, a 60:40 tie-up between Malaysian sovereign wealth fund Khazanah Nasional and Temasek Holdings.
Ms Lim Lay Wah, UOB's global head of financial institutions group, said,"The real estate sector has been leading the charge in the demand for green financing, with more property owners, managers and financial sponsors upholding sustainability standards as part of their climate action efforts."