Standard Chartered Bank (Hong Kong) and United Overseas Bank have teamed up to provide a HK$5.29 billion (US$682. 4 million) green loan to a consortium led by fund manager Gaw Capital Partners for its acquisition of 1111 King’s Road (the former CityPlaza One) in Hong Kong.
The property holds a Platinum Green Building Certification under the BEAM Plus assessment scheme, which is recognized and accredited by the Hong Kong Green Building Council.
The platinum certification is the highest possible rating based on a basket of criteria, including water efficiency and waste management. It recognizes buildings with sustainability incorporated into their design and operation, and which contribute positively to Hong Kong’s emission intensity reduction goals.
Standard Chartered HK and UOB acted as joint mandated lead arrangers and joint bookrunners for the green loan. The facility supports Gaw Capital’s continued efforts in implementing its sustainable strategy in line with the United Nations’ Sustainable Development Goals.
Last November, a consortium led by Gaw Capital agreed to acquire the property in Taikoo Shing from Swire Properties for HK$9.85 billion, or an average price of HK$15,609 per square foot. The 21-storey Grade-A office tower, completed in 1997, comprises a total gross floor area of 630,000 sq ft.