LOGOS Partners with Crédit Agricole CIB for a S$48 million Green Loan – including the first local Green Interest Rate Swap – for its Food21 Logistics Facility in Singapore
Wednesday 16th March 2022
LOGOS is pleased to announce its partnership with Crédit Agricole CIB for a new three-year S$48 million green financing package for the LOGOS Food21 facility in Singapore. The green loan also includes a Green Interest Rate Swap (IRS), the first green IRS in Singapore.
LOGOS Food21 is a five-storey, 28,800sqm food production and logistics facility located in Singapore’s Tuas West area. Following completion in December 2020, the property was awarded a BCA Green Mark Platinum certification having incorporated thermal insulation, certified low carbon emission materials with a high recycled content, energy saving lighting and native draught tolerant landscaping into its design and construction.
In support of LOGOS’ and Crédit Agricole CIB’s commitment to supporting sustainable finance development in Singapore, the IRS includes an innovative and sustainable component. The preferential fixed rate paid by LOGOS is linked to LOGOS Food21’s green classification/ certification, with the fixed rate to step up to non-preferential if the green condition is unmet.
LOGOS’ Managing Director, Stephen Hawkins, said: “We are very pleased to extend our partnership with Crédit Agricole CIB for a new green loan at LOGOS Food21, having had their support over the past three years during the development of the facility and also as a partner within our Australian portfolio.
“This is the second green loan we have established in South East Asia, with this initiative highlighting our ongoing commitment to investing in sustainable solutions across our regional portfolio,” Mr Hawkins added.
Sustainability is a key driver of LOGOS’ business, with the Group actively incorporating sustainability initiatives across all its projects and operations regionally. LOGOS’ Tuas Logistics Hub in Singapore and Metrolink Logistics Hub in Indonesia have recently been awarded a BCA Green Mark Platinum Award each, in recognition of their sustainability design and commitments.
Jean-Pierre Michalowski, Crédit Agricole CIB’s Senior Country Officer for Singapore, commented: “Crédit Agricole CIB is delighted to support LOGOS on this transaction, closing a green loan with the first green IRS in Singapore together. Sustainable finance is part of our Bank’s DNA and as a global leader in this area, we look forward to partnering further with LOGOS on their future green projects.”
Tarun Nayyar, Crédit Agricole CIB’s Head of Global Markets for Singapore, added: “Crédit Agricole CIB is honoured to have contributed to LOGOS’s green journey with our innovative green structures. It is a testimony to our Bank’s ability to tailor-make solutions according to our client’s unique requirements and green visions. Crédit Agricole CIB is actively developing new derivatives supporting our clients’ needs to integrate sustainability into all their financing needs and hopefully these derivatives will play a significant role in the transition to a sustainable global economy.”
LOGOS Food21 is leased to key leading regional food manufacturers and suppliers including Eurasia Global Food, Gan Teck Kar Investments and Brewlander.
LOGOS’ Asia Pacific portfolio comprises 100 logistics estates across nine countries with AUM of approximately US$10.9 billion. LOGOS counts some of the world’s largest fund managers as its shareholders, including ARA Asset Management, a leading Asia Pacific real assets fund manager with a global reach, which took a majority stake in the company in March 2020.
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