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Overview

Bank of China contributes to a $1 billion USD syndicated loan to Charter Hall Office Trust for unspecified purposes

Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Charter Hall Office Trust (CHOT)

Loan description

Bank of China contributions to a $1 billion USD syndicated loan to Charter Hall Office Trust for unspecified purposes

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In May 2022, a syndicate of at least five banks — including the Bank of China (BOC) — entered into a $1 billion USD syndicated sustainability-linked loan agreement with Charter Hall Office Trust — a real estate fund under Australian property group Charter Hall Group — for unspecified purposes. This loan was made under Charter Hall's Sustainability Linked Loan Framework and had Key Performance Indicators (KPIs) to sustainability performance targets and internationally recognized independent sustainability reporting standards (National Australian Built Environment Rating System (NABERS) and Green Star rating) that would raise or reduce the cost of the loan based on the borrower's performance. In addition to BOC, the following lenders contributed to the loan syndicate: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation, Australia and New Zealand Banking Group (ANZ), and Crédit Agricole Corporate and Investment Bank (CACIB). CBA and Westpac served as coordinators. BOC, ANZ, and CACIB served as Sustainability Coordinators.

Staff comments

1. Since AidData only has the identities of the coordinators of this loan, it is possible there is a substantial number of additional lenders. Thus AidData has elected to not apply its equal contributions assumption because of the high risk of overestimation if it assumed the five known lenders were the only lenders.