Notes to the Financial Statements Year ended 31 December 2024 16 FINANCIAL LIABILITIES (continued) Sustainability-linked cross currency interest rate swap On 6 September 2023, the CapitaLand Ascott REIT Group issued $120.0 million of medium term notes due 2028. At the same time, a 5-year cross currency interest rate swap was entered into to convert part of the Singapore dollar proceeds into Japanese Yen amounting to JPY11.0 billion at a fixed interest rate of 1.09% per annum. Under the conditions of the cross currency swap, there is sustainability performance target of having: (i) at least 50% of the total gross floor area of the Stapled Group’s portfolio being awarded with regional, national or internally recognised green building standards or certifications by a recognised third party by 31 December 2025; and (ii) at least 60% of the total gross floor area of the Stapled Group’s portfolio being awarded with regional, national or internally recognised green building standards or certifications by a recognised third party by 31 December 2026. The Japanese Yen interest can be reduced slightly if the sustainability performance target is met by the respective sustainability performance target dates. As at 31 December 2024, notes issued by the Stapled Group comprise: • under the Amended MTN Programme: (i) $505.0 million (2023: $505.0 million) of fixed rate notes maturing between 2026 and 2029; (ii) $200.0 million (2023: $200.0 million) of fixed rate sustainability-linked notes maturing in 2027; (iii) JPY5.0 billion (2023: JPY5.0 billion) of fixed rate notes maturing in 2025; and (iv) JPY16.5 billion (2023: JPY16.5 billion) of fixed rate sustainability-linked notes maturing in 2029. • under the EMTN Programme, EURNil (2023: EUR80.0 million of fixed rate notes maturing in 2024). 203 Annual Report 2024
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