DBS has extended a green loan amounting to A$295 million ( US$204.72 million ) to Singapore’s sovereign wealth fund GIC for the refinancing of Chifley Tower Sydney, a development certified for its sustainability in Sydney’s central business district.

The facility is one of the largest green loans extended by a Singaporean lender in the Australia market and is also DBS’ first AUD-denominated green loan.

Chifley Tower Sydney has received has a Green Star certification from the Green Building Council of Australia and a 5.5-Star energy rating from the National Australian Built Environment Rating System.

Chifley Tower in Sydney's central business district. Photo: GIC 

“We believe that sustainable financing solutions are an important enabler in helping our clients transition towards lower-carbon business models, and GIC’s green loan will set a positive example for other long-term investors and asset managers to make similar moves to green their portfolios,” says Ang Teck Wee, head of government-linked corporations, institutional banking, at DBS.

Chew Chong Lim, head of real estate, institutional banking, at DBS, adds: “Australia is ranked by the Global Real Estate Sustainability Benchmark as one of the greenest real estate markets in the world, and we see a lot of promise for DBS to support property players looking to raise sustainable financing to fund their continued investment in Australia.”