Sustainability is an integral part of Fortune REIT’s business strategy to build a strong social fabric. Fortune REIT would be eligible for interest rate savings upon achieving pre-determined environmental, social and governance (“ESG”) targets with emphasis on greenhouse gas emission, energy consumption and waste management of the REIT’s business in Hong Kong. Proceeds of the loan will be used to refinance the existing club facility and for general corporate funding purpose, including embedding long-term sustainability performance in the Fortune REIT’s asset enhancement initiatives.
Mr Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “DBS is honoured to partner with Fortune REIT as it progresses on its sustainability journey. The new sustainability-linked loan facility reflects our commitment to creating positive change for the environment. We are delighted to support our customers in meeting their business sustainability goals and generating long-term value for the community.”
Ms Justina Chiu, Chief Executive Officer of the Manager, said, "We are proud to have launched our maiden sustainability-linked loan with DBS, one of our close partners for years, demonstrating our strong commitment to integrate sustainability into our business by linking borrowing cost to ESG performance. Sustainability is a key element of our long-term development plan, and this transaction is a testimonial of our dedication to create a more sustainable business model while promoting the benefits of a responsible business to the investment community.”
DBS is a signatory to the United Nations Global Compact and is committed to driving progress towards the United Nations Sustainable Development Goals in ways that are meaningful to its businesses. This includes acting on climate change by partnering with corporates in adopting responsible financing practices. Since 2018, DBS has provided sustainable financing amounting to about S$15 billion.
Fortune REIT is listed on the Hang Seng Corporate Sustainability Index while DBS is listed on the Dow Jones Sustainability Asia Pacific Index, FTSE4Good Index and the Singapore Exchange ESG Indices under the Leaders Index and Transparency Index.
[End]
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About Fortune REIT
Established in 2003, Fortune REIT is a real estate investment trust constituted by a trust deed (as amended, supplemented or otherwise modified from time to time). It is the first REIT to hold assets in Hong Kong and is currently listed on the Main Board of The Stock Exchange of Hong Kong Limited.
Fortune REIT currently holds a portfolio of 16 private housing estate retail properties in Hong Kong, comprising of 3 million sq. ft. of retail space and 2,713 car parking spaces. The retail properties are Fortune City One, +WOO, Ma On Shan Plaza, Metro Town, Fortune Metropolis, Laguna Plaza, Belvedere Square, Waldorf Avenue, Caribbean Square, Jubilee Square, Tsing Yi Square, Smartland, Centre de Laguna, Hampton Loft, Lido Avenue and Rhine Avenue. They house tenants from diverse trade sectors such as supermarkets, food and beverage outlets, banks, real estate agencies, and education providers. More information can be found at www.fortunereit.com
About ARA Asset Management (Fortune) Limited, the Manager. Fortune REIT is managed by ARA Asset Management (Fortune) Limited, the manager of Fortune REIT. The Manager is a wholly-owned subsidiary of ARA Asset Management Limited, a leading APAC real assets fund manager with a global reach. More information can be found at www.ara-group.com.
