Grit Real Estate Income Group is raising as much as R5.5 billion in a sustainability linked debt deal arranged by Standard Bank Group and other South African lenders. The term loan and revolving credit facility that is linked to Grit’s ESG, carbon-emissions reduction and gender-equality targets is the largest real-estate industry transaction to date in sub-Saharan Africa, excluding South Africa, the company said in a statement on Wednesday.
The issuance of sustainability linked debt is booming worldwide, and African companies like Grit are increasingly making use of potential rewards such as better pricing linked to the loans. Banks usually offer borrowers discounts on lending if they meet targets for tackling issues ranging from reducing pollution to assisting job seekers. Companies unable to meet commitments are penalised.
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