Great Portland Estates signs green facility

Great Portland Estates (GPE) has signed an innovative £450m ESG-linked unsecured revolving credit facility.

The first to be issued by a UK real estate investment trust (REIT), it incorporates three ESG-linked key performance indicators (KPIs) which align with the company’s sustainability strategy, including the participation in the Better Buildings Partnership Climate Change Commitment.

These KPIs include annual pre-agreed targets and are based on decarbonisation of the existing buildings by reducing the portfolio energy intensity by 40 per cent by 2030; building net-zero carbon new buildings from 2030; and providing urban greening measures across its portfolio.

A margin decrease or increase of up to 2.5 basis points will be applied to the headline margin on the basis of this performance. All margin adjustments will be given by GPE to registered charities focused on environmental initiatives.

Janine Cole, director of sustainability and community, noted: “This financing further shows our drive to integrate our sustainability ambitions right across the business and to work with all our stakeholders to create behavioural change as we move closer to decarbonising our business.”

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