Artist's impression of Ascott REIT's lyf one-north Singapore. (Image: Ascott REIT)

Ascott Residence Trust (ART) has obtained a SGD50 million five-year green loan from DBS Bank Ltd (DBS).

Proceeds from the green loan will be used to finance the hospitality trust’s maiden development project and co-living property, lyf one-north Singapore.

The development is slated for completion in 4Q 2021.

“Being the first hospitality trust in Singapore to secure a green loan reinforces ART’s commitment to do our part for the environment and the communities we operate in”, said Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited.

The trust’s full statement on the facility can be viewed here.

Ascott Residence Trust was last done on the SGX at SGD1.12 which implies a distribution yield of 1.88% according to data compiled on the Singapore REITs table.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.