Derwent London became the first UK REIT to agree a green revolving credit facility last October when it signed a £450m deal including a £300m green tranche.
This tranche will finance activities satisfying the criteria laid out in Derwent’s new ‘green finance framework’.
Aligned with the ICMA Green Bond Principles and LMA Green Loan Principles, the framework details the sort of developments, refurbishments or other projects that would qualify for green finance.
It also outlines how projects should be monitored and reported on. Derwent will be required to report regularly on its green loans and the framework, and its reporting will be independently checked and assured by a specialist team at Deloitte.
The revolving credit facility was provided by HSBC, Barclays and NatWest. HSBC was green loan co-ordinator on the facility.