05 August 2021

MERCATUS RECEIVES GREEN LOAN OF A$250M FROM OCBC BANK

Mercatus Co-operative Limited (“Mercatus”) is pleased to announce that it has secured a A$250m green loan from OCBC Bank in Singapore to partially finance the acquisition of 33.3% interest in 1 Bligh Street – an iconic premium-grade, 29-storey building located in Sydney’s Central Business District.

This marks Mercatus’ first green loan denominated in a foreign currency (Australian dollars) and its fourth green loan under its Sustainable Finance Framework. Mercatus has previously secured green financing totalling S$628m with its three green loans to refinance its loans for the acquisition of Jurong Point. All of Mercatus’ commercial properties in Singapore have attained BCA Green Mark certification, with Jurong Point achieving the BCA Green Mark Platinum rating in January 2020.

1 Bligh Street is Mercatus’ first acquisition outside of Singapore and its first foray into Australia in partnership with Dexus, Australia’s largest owner and manager of office property.  Combining leading-edge design with technology and sustainability, 1 Bligh had set new standards for sustainability features in high-rise developments in Australia at its completion in 2011. The building boasts of features such as a high performance double-skin glass façade, a full height naturally ventilated atrium as well as an efficient hybrid mechanical system. A recipient of the 6 Star Green Star Office Design v2 Certified rating, 1 Bligh enjoys a 5.5-star NABERS energy rating and a 4.5-star NABERS water rating.*

Ms Tan Ser Joo, Mercatus’ Chief Executive Officer said, “With green financing as a key focus in our sustainability strategy, we are delighted to partner like-minded banks such as OCBC Bank, in our journey to achieve more sustainable financing transactions. We look forward to closer collaboration with our partners as we continue to further our sustainability aspirations in the real estate space.”

Ms Elaine Lam, Head, Global Corporate Banking, OCBC Bank, said, “We are delighted to partner Mercatus on this ‘double first’, being its first venture outside Singapore and its first foreign currency green loan. Having successfully concluded their maiden green loan just last year, this transaction clearly demonstrates Mercatus’ commitment to shift to greener sources of funding and we look forward to supporting these ongoing efforts."

*NABERS is a national rating system that measures the environmental performance of Australian buildings and tenancies. For more information, please visit https://www.nabers.gov.au/about