- The $130 million loan will support the development of Indi Sydney City
- Investa collaborated on a Green Financing Framework to qualify
- The building will feature 234 apartments with shared amenities and services
Australia’s first build-to-rent green loan has been signed today (October 27) by Commonwealth Bank (CBA) and Oxford Properties Group.
The $130 million loan will support the development of Indi Sydney City, one of the country’s most sustainable high-rise residential buildings and Sydney’s first build-to-rent development.
Oxford and Indi’s owner, Investa, collaborated on a Green Financing Framework to qualify, with the Pitt Street property becoming the first to utilise the loan.
Oxford’s development director Nellie O’Keeffe said the objective is to finance properties that will deliver positive environmental outcomes.
“Indi Sydney City is a wonderful example of the development and operation on an energy efficient, low-carbon community in action.”
CBA group executive of Institutional Banking & Markets Andrew Hinchliff said supporting the development of green infrastructure was a strategic priority for the bank.
“Build-to-rent properties will play a key part in Australia’s future, and we’re very proud to have been able to help Oxford break new ground with this sustainable development.”
CBA’s Andrew Hinchliff
CBA managing director of Future Cities and Networks Michael Thorpe said, “we’re excited to bring the first premium build-to-rent offering to the Sydney residential market, and one that’s earned Green Loan certification through its strong sustainability credentials and a commitment to drive positive environmental outcomes.”
The building will feature 234 apartments with options of one-, two-, and three-bedrooms, as well as shared amenities and services such as co-working spaces and gym facilities.
Some of the sustainability initiatives incorporated in the building’s design include:
- Regenerative lifts that capture heat generated by elevators during use and convert it into reusable energy for the building, delivering 20% to 25% improvements to lift energy efficiency
- High-efficiency central cooling system and tempered air-conditioning which disables cooling and heating in common areas when outdoor conditions are favourable, to provide thermal comfort to occupants
- Provision of energy and water-efficient appliances to all apartments
- Sub-metering of improved tracking and operational performance
Indi, Investa’s build-to-rent platform management initiative, is targeting a portfolio of more than 5,000 apartments, focusing on Sydney and Melbourne.
Investa has $13 billion of assets under management.