United Industrial Corporation (UIC) has successfully secured its initial green and sustainability-linked loans, reaching an impressive total of $300 million. These loans, provided by UOB and DBS Bank, consist of two three-year revolving credit facilities.

The first part involves a $200 million sustainability-linked loan, dedicated to partially refinancing existing facilities and supporting general corporate purposes. This move underscores the group’s enduring commitment to sustainability and conscientious growth.

In tandem, the $100 million green loan will contribute to a significant upgrade of the 48-story Singapore Land Tower situated at 50 Raffles Place. This marks a substantial enhancement, the first of its kind since the exterior underwent recladding in 2002. The renovation will introduce eco-friendly features such as energy-efficient lifts and lighting, a low emissivity double-glazed external curtain wall system, and preferred parking for electric/hybrid cars. Additionally, it will include a covered walkway to Raffles Place MRT station and end-of-trip facilities, encompassing bicycle parking lots and changing rooms with showers.

Both the $100 million green loan and the $200 million sustainability-linked loan follow a 50-50 distribution by UOB and DBS Bank. These loans are issued under the UIC Sustainable Finance Framework, aligning with the Green Loan Principles and Sustainability-linked Loan Principles established by the Loan Market Association and the Asia Pacific Loan Market Association.

The allocation of the $100 million green loan towards the extensive rejuvenation of the Singapore Land Tower is a bold step toward transforming an iconic structure into a beacon of environmental efficiency. The planned upgrades, including energy-efficient lifts and lighting, a modern double-glazed external curtain wall system, and amenities catering to electric/hybrid cars, showcase UIC’s dedication to creating a sustainable and future-ready built environment.

This financial endeavor, structured in collaboration with UOB and DBS Bank, demonstrates a shared commitment to sustainable finance principles. By adhering to the Green Loan Principles and Sustainability-linked Loan Principles, UIC not only meets industry standards but sets a benchmark for responsible financial practices in the real estate sector.

In essence, UIC’s $300 million financial initiative goes beyond monetary transactions. It symbolizes a visionary approach where financial success intertwines seamlessly with environmental consciousness, propelling UIC into a pioneering role within the real estate and financial sectors.