Last month, Great Portland Estates (GPE) signed a £450m, ESG-linked revolving credit facility with a group of five banks.

73 to 89 Oxford-Street

The loan, which GPE says is the first of its kind to be issued by a UK REIT, is linked to the company’s climate goals, including its target to reduce the energy intensity of its portfolio by 40% by 2030 and build new net-zero-carbon buildings from 2030.

Under the terms of the deal, a margin increase or decrease of up to 2.5 basis points will be applied depending on the company’s performance against a set of annual targets. The company says the loan will “incentivise the group to accelerate the decarbonisation of the business”.

The participating banks are Santander, NatWest, Wells Fargo, Lloyds Bank and Bank of China. Santander acted as the sustainability co-ordinator.