JLL has extended the term on its $2.7bn (£2bn) credit facility by three years from May 2023 to April 2026 and linked the loan to its ESG initiatives.
The agent said the extension had been agreed to “maintain the company’s operating flexibility and support its growth strategy”.
The amended facility will now also provide incentives linked to achieving certain sustainability goals, including reducing greenhouse emissions and ensuring that JLL-occupied buildings of more than 10,000 sq ft obtain a sustainability certification by 2030.
The agent is the latest in a growing number of real estate corporates linking their financing to ESG principles, with debt becoming more expensive if targets are missed and cheaper if they are exceeded. Last month, LondonMetric said it was planning to link a new £400m loan to its green initiatives, while Great Portland Estates, Tritax Big Box, Workspace and Derwent London have all agreed similar deals.
JLL’s chief financial officer Karen Brennan said the firm was “proud to be an early adopter in the US aligning our sustainability commitments with our financing arrangement”.
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