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Standard Bank funds Spear REIT Limited’s renewable energy, diversity and inclusion ambitions with their first R230m sustainability linked loan

23 Mar 2023

Country
South Africa
Year
2023
Sector
Real Estate
Business Unit
Corporate and Investment Banking
Specific Role
Sustainability Coordinator and Lender
Standard Bank is proud to announce that it has partnered with Spear REIT Limited to provide them with a R230-million sustainability linked loan which embeds key sustainability focus areas into their funding.

Spear’s main business is investing in high-quality income-generating real estate across all sectors within the Western Cape, predominantly in the Cape Town region. Their key sustainability focus areas embedded within the funding include renewable energy, through increasing their solar PV installation penetration across their property portfolio, as well as increasing the preferential procurement spend toward black, women-owned and small and micro enterprises in their supply chain.

Standard Bank acted in the capacity of sustainability coordinator and lender in advancing a medium-term loan of R230 million on a sustainability linked loan basis.

“Embedding a sustainability cord into how Spear funds its real estate needs through our maiden sustainability linked loan with Standard Bank strengthens the overall mission and vision of our people, planet and profit approach. Real estate value is directly linked to sustainability, that of the environment, the direct asset base and the people who deliver the day-to-day execution of our mission,” says Quintin Rossi, CEO of Spear REIT Limited.

The transaction, which is intended to achieve  a positive environmental and social impact, aligns with Standard Bank’s social, environmental and economic (SEE) impact framework and will contribute positively towards group commitments outlined in our climate policy.