One of Australia’s largest commercial real estate property funds has broken new ground to procure a globally accepted green loan.
The Investa Commercial Property Fund (ICPF) becomes the country’s first major landlord to arrange a universally acknowledged green loan, securing a A$170 million facility.
The fund’s portfolio of 13 assets includes some of Australia’s leading office buildings in Melbourne and Sydney.
Melbourne-based ANZ bank has been working with the fund manager to develop its green loan structure, laying the foundation for the recently closed green deal.
The London-based Climate Bonds Initiative, a not-for-profit organization which promotes large-scale investment into the low-carbon economy, has verified the loan.
To win recognition for the bank facility, the fund matched its entire portfolio against the emission thresholds for low-carbon buildings set by the Climate Bonds Initiative.
Those standards required the portfolio to perform in the top 15% in their relative city in terms of carbon intensity.