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Cromwell completes $790 million SLL

12th June 2024

Cromwell Property Group has completed the conversion of a multi-bank, A$1.2 billion ($790 million) lending facility to a sustainability-linked loan (SLL).

The Australian real estate investor and fund manager said the SLL included “ambitious targets” in reducing emissions and its gender pay gap. Commonwealth Bank of Australia and Société Générale acted as sustainability coordinators.

These include a target for net zero scope 3 emissions by 2045, and additional targets linked to Cromwell’s target of net zero scope 1 and 2 emissions by 2035. Cromwell is also targeting reducing its gender pay gap to a maximum of 12% by 2028.

Group head of ESG, Lara Young (pictured above) said: “As part of our ESG report release in January, Cromwell announced our full scope 3 emissions inventory for the first time, becoming one of the few Australian commercial property organisations to publish an emissions footprint across 100% of our global network and supply chain.

“The progression we have made in this space has allowed us to set our most ambitious target to date, as part of this new sustainability linked loan.”

Cromwell aims to achieve this goal by including encouraging tenants to switch to renewable electricity and providing tenants support to help reduce their landfill waste and contamination.

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