Provider of on-campus student accommodation infrastructure in the UK – UPP – has completed the financing of a new £110m sustainability-linked corporate revolving credit facility (RCF) with Deutsche Bank.
“I’m delighted to have completed this financing that is integral to furthering UPP’s growth ambitions sustainably.
“This marks our first sustainability-linked financing, which reinforces our corporate commitment to enhancing the sustainability of our existing portfolio and to deliver new accommodation schemes that will have sustainable development as a key tenet of the transaction.”
Simon Boorne, Chief Investment Officer, UPP
The RCF is UPP’s inaugural sustainability-linked financing and builds on the company’s ongoing commitment to sustainability.
The facility incorporates KPIs in respect of carbon reduction, water consumption reduction and increased biodiversity net gain across UPP’s 35,000 room portfolio. This means that the cost of funding is directly linked to UPP achieving its ambitious sustainability goals.
“I’m delighted to have completed this financing that is integral to furthering UPP’s growth ambitions sustainably.
“This marks our first sustainability-linked financing, which reinforces our corporate commitment to enhancing the sustainability of our existing portfolio and to deliver new accommodation schemes that will have sustainable development as a key tenet of the transaction.”
Simon Boorne, Chief Investment Officer, UPP
Deutsche Bank is active in supporting its clients raise sustainable finance, having set a EUR500bn aggregate target by 2025. It has led on nature topics through for example its establishment of the first external expert led Nature Advisory Panel, its commitment as the first bank to join ORRAA, and overall efforts to include nature into its sustainable finance product offering.
“One of UPP’s ESG targets is focused on delivering on the UK’s new Biodiversity Net Gain regulation, which is one of the first of its kind.
“UPP is exceeding BNG: instead of focusing purely on new housing developments, they intend to increase biodiversity across their entire portfolio.”
Oyumaa de Jong, Vice President ESG Solutions, Deutsche Bank
