Prime London Ventures, a joint venture between Ivanhoé Cambridge and Residential Land, has secured a five-year £465m sustainability linked loan (SLL) from HSBC UK and OCBC.
The facility will be used by the joint venture to finance its existing portfolio of prime and super-prime residential assets in Central London and includes a revolving credit facility to be used for capital expenditure.
The portfolio includes 39 Hill Street in Mayfair, Strathmore Court, which overlooks Regent’s Park, and Garden House in Bayswater (pictured).
HSBC UK acted as sole SLL coordinator and has worked with Prime London Ventures to agree three sustainability performance targets (SPTs), which must be met as part of the funding agreement.
These include EPC upgrades, which will be delivered ahead of regulated requirements, as well as a reduction in scope one, two and three emissions and a waste recycling improvement target in both own operations and managed properties.
Jonathan Rust, chief financial officer at Residential Land, said: “This sustainability linked loan marks an important step in our partnership between Ivanhoé Cambridge and Residential Land. For more than 10 years, we have worked closely to align the sustainability goals of our respective organisation. We are committed to our target programme of carbon emission reduction and we, along with our tenants, are already seeing the positive impact of these initiatives.”
