London REIT secures £300m ‘green’ credit facility for sustainable projects

A London-focused firm has become the UK’s first real estate investment trust to secure a ‘green’ credit facility.

Derwent London has signed a new five-year £450m revolving credit facility from HSBC UK, Barclays and NatWest, including a ‘green’ tranche of £300m that meets the LMA Green Loan Principles.

The green tranche will be used to fund activities that meet the criteria set out in Derwent’s newly established ‘Green Finance Framework’, which outlines the trust’s sustainability objectives to create green working, amenity and outdoor spaces, improved energy efficiency and reduced consumption of natural resources.

Paul Williams, chief executive of Derwent London, commented: “Sustainability is fundamental to our business at Derwent London, and it helps drive the creation of some of London’s most innovative office space.

“In the last five years we have invested over £750 million and this facility will support the next generation of Derwent’s buildings while recognising our social and environmental obligations to all our stakeholders.”

Damian Wisniewski, chief financial officer of Derwent London, added: “Linking part of our financing to our projects’ green credentials is an important step towards understanding how we can help reduce our impact upon climate change.”

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