OCBC Issues First Green Loan in South Korea
(31 August 2020 – South Korea) OCBC has provided a green loan of 115 billion South Korean won ($97 million) to M&G Real Estate Asia to refinance an investment in Northgate, a green building in Seoul's central business district.
The bank's first sustainable finance transaction in the country is also the first green loan in South Korea supporting the property sector.
OCBC is the sole lender and green adviser for this transaction. Loan proceeds will be used to refinance existing advances within M&G Asia Property Fund, which have been extended for the investment in Northgate.
“We hope that this will continue to spur developments in sustainable financing across industries and real estate asset classes in the region,” said OCBC head of global corporate banking Elaine Lam.
The lender recently announced that it is looking to grow its sustainable finance portfolio to S$25 billion by 2025, after surpassing its original S$10 billion target two years ahead of schedule.