Issue of S$300 million fixed rate subordinated green perpetual securities by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Real Estate Investment Trust)
A&G News 28 September 2020
Allen & Gledhill advised Ascendas Funds Management (S) Limited (in its capacity as manager of Ascendas Real Estate Investment Trust (“Ascendas REIT”)), on the issue of S$300 million fixed rate subordinated green perpetual securities (“Issue”) under the S$7 billion Euro medium term securities programme established by HSBC Institutional Trust Services (Singapore) Limited in (its capacity as trustee of Ascendas REIT).
The Issue is believed to be the first real estate green perpetual securities issued in Asia under the newly established Green Finance Framework (“Framework”) by Ascendas REIT.
The Framework is prepared in line with the Green Bond Principles 2018 by the International Capital Market Association and the Green Loan Principles 2020 by the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications and Trading Association, which are leading frameworks globally for the issuance of green bonds and green loans respectively. The Framework guides Ascendas REIT in the allocation and management of the proceeds raised from the issuance as well as future green financing transactions.
Advising Ascendas REIT as to Singapore law was Allen & Gledhill Partner Margaret Chin.
Advising Ascendas REIT on tax issues was Allen & Gledhill Partner Sunit Chhabra.