Overview

Industrial and Commercial Bank of China (ICBC) contributes to S$ 430 million syndicated loan to OUE Commercial Real Estate Investment Trust (OUE C-REIT) for refinancing and general corporate purposes in 2023

Commitments (Constant USD, 2023)$64,043,132

Commitment Year•2023Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 14, 2023

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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Bank of East Asia Limited (BEA)
Malayan Banking Berhad (Maybank)
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)

State-owned Banks

Qatar National Bank Q.P.S.C. (QNB)

Receiving agencies

Private Sector

OUE Commercial Real Estate Investment Trust (OUE C-REIT)

Loan description

Industrial and Commercial Bank of China contributions to SGD 430 million 2023 syndicated sustainability-linked club loan for refinancing and general corporate purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 14, 2023 a group of banks — including the Industrial and Commercial Bank of China (ICBC) — reached financial close on a S$ 430 million syndicated club loan with OUB Centre Limited, an indirect subsidiary of OUE Commercial Real Estate Investment Trust (OUE C-REIT). Proceeds from this sustainability-linked loan (SLL) facility were to be used for refinancing and general corporate purposes. OCBC Bank, Maybank Singapore, Industrial and Commercial Bank of China Limited, The Bank of East Asia, and Qatar National Bank contributed to the loan. OCBC Bank acted as sustainability coordinator.

Staff comments

1. The exact size of ICBC contribution is unknown. For the time being, AidData assumes that all 5 members of the lending syndicate contributed equally (S$ 86,000,000) to the S$ 430 million syndicated loan.