1 March 2024, Hong Kong – UOB, Australia and New Zealand Banking Group Limited (“ANZ”) and Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) have teamed up to provide a HK$14.4 billion sustainability-linked loan (SLL) facility to Gaw Capital-led consortium, a leading private equity firm in Asia Pacific, to refinance its retail portfolio under People’s Place covering 16 shopping properties in Hong Kong.

The three-year SLL is tied to sustainability targets, including reducing electricity consumption, managing recyclable waste, implementing green leasing practices and obtaining WELL certification[1]. This initiative demonstrates Gaw Capital’s commitment to sustainability and highlights the backing from the banking sector to assist clients in achieving their goals towards a low-carbon economy.

The shopping properties being refinanced are located in densely populated districts and in close proximity to MTR stations across Kowloon and the New Territories. The gross floor area of the portfolio is approximately over 2 million square feet with close to 8,000 parking spaces. The shopping centres included in the portfolio are Cheung Hang Shopping Centre, Kai Yip Commercial Centre, Kam Tai Shopping Centre, Kwai Shing East Shopping Centre, Lai Kok Shopping Centre, Lee On Shopping Centre, Lei Cheng Uk Shopping Centre, Lions Rise Mall, On Ting Commercial Complex, Retail and Car Park within Shun Tin Estate, Shek Lei Shopping Centre I and II, Tai Wo Hau Commercial Centre, Tsing Yi Commercial Complex, Tsz Ching Shopping Centre, Yau Oi Commercial Centre and Yung Shing Shopping Centre.

UOB, ANZ Bank and Standard Chartered Hong Kong acted as mandated lead arrangers, underwriters and bookrunners on the transaction, with UOB also acting as the facility and security agent, and SLL advisor.

Mr Kenneth Gaw, President & Managing Principal of Gaw Capital Partners, said, “I would like to express my heartfelt appreciation for the exceptional service UOB, ANZ and Standard Chartered Hong Kong delivered for this sustainability-linked loan for People’s Place. Gaw Capital Partners has continued to integrate sustainability considerations into our business since 2014. We are committed to reducing 4.5% energy consumption, obtaining WELL Health-Safety Rating for 75% of People’s Place portfolio, reducing carbon emission and achieving more green leases by 2026. This sustainability loan reflects our commitment in finding ways to finance and operate a more sustainable business.”

Ms Lim Lay Wah, Group Head of Sector Solutions Group and Global Financial Institutions Group, UOB, said, “This partnership with Gaw Capital to facilitate its sustainability-linked facility underscores our robust relationship with the client and reaffirms our capability in providing comprehensive sustainable finance solutions backed by our ESG expertise. UOB has established net zero targets within the built environment and real estate sectors, which will assist our clients like Gaw Capital in an orderly and just transition towards a net zero future.”

Ms Stella Saris Chow, Head of Sustainable Finance, International of ANZ, said, “We are honoured to support Gaw Capital on its inaugural sustainability-linked facility. It highlights Gaw’s commitment to driving ESG improvements to create measurable positive impact. ANZ works closely with its funds clients in Hong Kong and abroad to tie sustainability to financing outcomes. This builds on ANZ’s commitment to funding and facilitating at least A$100 billion by the end of 2030.”

Ms Helen Hui, Managing Director, Head, Client Coverage, Corporate, Commercial and Institutional Banking, HK, Taiwan and Macau Cluster, Standard Chartered Hong Kong, said, “This sustainability-linked loan not only supports Gaw Capital’s sustainability aspirations, but also once again demonstrates the leading role of Hong Kong as an international hub for sustainable financing. Sustainable finance is a strategic priority for Standard Chartered. We plan to reach net zero carbon emissions in our financing activity by 2050, and are dedicated to collaborating with our clients in creating a better world for the future generations.”

Hong Kong Quality Assurance Agency, a conformity assessment and certification organisation, will provide the performance review of the borrowers in specific key performance indicators (KPIs) and sustainability performance targets (SPTs) for the transaction.

[1] Launched in October 2014 after six years of research and development, WELL is the premier Standard for buildings, interior spaces and communities seeking to implement, validate and measure interventions that support and advance human health and wellness. https://www.wellcertified.com/

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About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and Education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the APAC region since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and it also provides services for credit investments and separate account direct investments globally.

Gaw Capital has raised equity of US$22.3 billion since 2005 with assets of US$33.7 billion under management as of Q3 2023.

 

About UOB

UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to helping businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

 

About Australia and New Zealand Banking Group Limited

ANZ Banking Group provides banking and financial products and services to more than 8.5 million retail, business customers and Institutional customers. Building on a proud banking heritage spanning over 180 years, ANZ is one of Australia’s largest listed companies. Ranked the No.1 Institutional Bank across Australia, New Zealand and Asia on a range of measures, ANZ Institutional has operations in 30 markets globally focused on supporting multinational corporations and financial institutions with the movement of trade and capital around the world.

 

About Standard Chartered

We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

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