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CapitaLand Ascott Trust partners with IFC on first sustainability-linked bond in hospitality sector
By: CapitaLand Investment Limited
Proceeds from the bond will be used to refinance CLAS' existing borrowings and to further decarbonise three of CLAS' serviced residences in Southeast Asia, namely Ascott Jakarta in Indonesia as well as Ascott Makati and Somerset Millennium Makati in the Philippines. The three serviced residences are expected to achieve a 40.5% reduction in electricity consumption by 31 December 2028. The projects must also obtain IFC's Excellence in Design for Greater Efficiencies (EDGE) certification within the same timeframe.
Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS) said: "We place sustainability at the core of everything we do. Dovetailing our financing efforts with our environmental, social and governance efforts further affirms our commitment towards responsible growth. To date, CLAS has raised about S$450 million through sustainable financing. CLAS continues to collaborate with like-minded stakeholders in the financing and investment community to fight climate change through our collective efforts. Currently, 35% of CLAS' portfolio is green-certified and we remain on track to green 50% of our portfolio by 2025 and our entire portfolio by 2030."
Ms Kim-See Lim, IFC's Regional Director for East Asia and the Pacific, said: "We are delighted to support CapitaLand Ascott Trust, Asia-Pacific's largest lodging trust, in its efforts to help address the climate crisis in the region through IFC's first sustainability-
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CapitaLand Investment Limited