(Bloomberg) -- Canada’s largest alternative asset manager has secured a green loan for commercial towers in Australia, adding to signs that the market for such fundraising in the Asia-Pacific region is catching up with elsewhere in the world.
Brookfield Properties, a subsidiary of Brookfield Asset Management Inc., got the A$880 million ($608 million) loan to refinance facilities that were used for the two energy-efficient office towers in Perth in Western Australia. The financing is the largest single-asset green loan syndication completed Down Under.
Demand is growing globally for financing that meets environmental, social and governance standards. The Asia-Pacific region has had about $122 million of green loans signed this year, close to half of the $247 million figure globally and already outpacing growth in the Americas.
The loan is for Brookfield Place Perth Tower 1 and Tower 2. The buildings are home to top-tier tenants including mining giant BHP Group Ltd., telecom heavyweight Telstra Corp., and conglomerate Wesfarmers Ltd.
Brookfield Properties owns the towers, which meet the Climate Bond Initiative certification criteria relating to commercial low carbon buildings -- for features such as energy-efficient heating, ventilation and air conditioning, high-performance glazing and lighting, and water systems designed to improve usage. They also have ‘5 Star Green Star’ accreditation by the Green Building Council of Australia.
Elsewhere in Asia, China’s Xinjiang Goldwind is marketing debut green loan of $475 million. BOCOM Leasing Management Hong Kong Co., a subsidiary of Bank of Communications Financial Leasing Co., has closed a $200 million green facility this week. Singapore’s City Development Ltd. in April secured bilateral green loans worth S$500 million ($365 million).
Related stories:
Banks Can’t Ignore the $23 Trillion Market for Doing Good
Rare Asia Do-Good Loan Flags Growth Prospect for Tiny Market
Plush Singapore Tower Shows Developers’ Green Loan Push
Loans Head to Greener Pastures: BNEF
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