The financing includes a ‘green’ tranche of £300 million, making it the first revolving credit facility provided to a UK REIT that meets the LMA Green Loan Principles.
Derwent London REIT intends to fund projects that include the development or refurbishment of commercial and residential buildings such as 80 Charlotte Street W1 and Soho Place W1 that target and receive minimum third-party verified green building certification, resulting in measurable improvements and positive environmental impacts.
“Sustainability is fundamental to our business at Derwent London, and it helps drive the creation of some of London’s most innovative office space. In the last five years we have invested over £750 million and this facility will support the next generation of Derwent’s buildings while recognising our social and environmental obligations to all our stakeholders,” said Paul Williams, Chief Executive of Derwent London.
“Linking part of our financing to our projects’ green credentials is an important step towards understanding how we can help reduce our impact upon climate change. This new five-year facility will also increase our weighted average debt maturity,” Damian Wisniewski, Chief Financial Officer of Derwent London.