ANZ provides green loan for Cbus Sydney redevelopment

  • By Zilla Efrat

ANZ has provided Cbus Property with a green loan to finance the development of a world-class residential apartment tower and premium commercial office space at 111 and 121 Castlereagh Street in Sydney.

ANZ’s loan is aligned with the Asia Pacific Loan Markets Association’s Green Loan Principles and in accordance with Cbus Property’s new Sustainable Finance Framework.

“Cbus Property’s vision to create world-leading sustainable places to work and live aligns with ANZ’s deep commitment to supporting our customers’ success in delivering on their sustainability ambitions,” says ANZ’s head of sustainable finance Katharine Tapley.

Cbus Property’s CEO Adrian Pozzo says successfully executing the green loan in accordance with the business’ new Sustainable Finance Framework reinforced its industry-leading sustainability program.

“Cbus Property will drive the utilisation of this framework in our upcoming developments and explore opportunities to underpin our existing portfolio while delivering on our commitment to achieve our sustainability targets and develop responsible investments for our members,” he says.

The loan is one of Cbus’s first sustainable finance transactions.

CBA recently announced that it had served as joint sustainability coordinator and sole financier on a green development loan to Cbus Property. This loan supported the construction of a next-generation 21-storey commercial office tower at 83 Pirie Street in Adelaide’s CBD.

The redevelopment of 111 and 121 Castlereagh Street, supported by ANZ’s loan, has high sustainability credentials: 121 Castlereagh (commercial office) is targeting 6 Star Green Star and 5.5 star NABERS Energy design ratings, while 111 Castlereagh (residential) is targeting a 7.6 Star average NatHERS rating across its residences.

111 & 121 Castlereagh is a luxury mixed-use project developed in partnership with Scentre Group, comprising 101 luxury residential apartments, premium-grade office space and a 6,200-square-metre extension of Westfield Sydney.

The commercial offering – known as 121 Castlereagh – is a transformation of the original David Jones men’s store, originally built in 1938.

ANZ, meanwhile, has committed to fund and facilitate at least $50 billion in sustainability solutions for customers by October 2025, of which almost $22 billion has been achieved to date.