Ascott SLB

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CapitaLand Ascott Trust (CLAS) is part of the lodging arm of CapitaLand Investment (CLI) (https://www.CapitaLand.com/en.html) in Singapore, a global lodging investment trusts. CLAS has a portfolio of 95 properties with an aggregate of over 17,000 units in 44 cities over 15 countries. CLAS is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust and CapitaLand Ascott Business Trust.  It is an asset owner and operates serviced residence rental housing properties, student accommodation and other hospitality assets. CLAS's properties are mostly operated under the Ascott, The Residence, Somerset, Quest and Citadines brands. The proposed investment is for IFC to be the sole subscriber of a sustainability-linked bond (SLB) of up to US$115 million in CLAS. IFC SLB will be earmarked for the three properties in Indonesia and the Philippines as follows:- Ascott Jakarta, Indonesia (204rooms, built in 1994);- Ascott Makati, Philippines (362 rooms, built in 1999);- Somerset Millennium Makati, Philippines (118 rooms, built in 2000). All the above properties are already in operation and there is no additional construction activities or rehabilitation/modification expected except minor renovations activities such as room improvements, resource efficiency related enhancements and facility maintenance. CLAS has committed to transiting to a low-carbon business through greening its entire portfolio by 2030, which is aligned with sustainability targets set out under CLI’s 2030 Sustainability Master Plan. IFC will help CLAS to strengthen its sustainability-linked finance framework with reducing energy use and having Excellence in Design for Greater Efficiencies (EDGE) Advanced certification of the earmarked projects.