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Overview

Bank of China provides a €300 million EUR loan to P3 Group for unspecified purposes

Commitments (Constant USD, 2023)$298,395,515
Commitment Year•2022Country of Activity•LuxembourgDirect Recipient Country of Incorporation•LuxembourgSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2022
Last repayment (originally scheduled)
Jun 30, 2027

Geospatial footprint

Map overview

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This project was a loan to P3 Group S.à.r.l., a logistics company headquartered at 13 Av. de la Liberté, 1931 Gare Luxembourg. More detailed locational information can be found at: https://www.openstreetmap.org/way/681138418

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • P3 Group S.à r.l.

Loan desecription

Bank of China provides a €300 million EUR loan to P3 Group for unspecified purposes

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In July 2022, the Bank of China (BOC) signed a €300 million EUR senior non-recourse bilateral term loan agreement with P3 Group S.à r.l. — a Luxembourg-incorporated limited liability company that invests, manages, and develops logistics property, namely European warehouses, that is wholly owned by Euro Vitus Private Limited, a private limited company incorporated in Singapore, an entity ultimately owned by Government of Singapore Investment Corporation (GIC), the sovereign wealth fund of the Government of Singapore — for unspecified purposes. This unsecured loan carried an interest rate based on a floating rate. This loan was drawn down in August 2022 and P3 Group entered into a interest rate swap to a fixed rate for the full amount.

Staff comments

1. As of June 30, 2022, P3 Group had 298 properties for 3.6 million square meters of space, with another 10 properties under construction. It operates in Germany, Czechia, Poland, Spain, Italy, France, Slovakia, Romania, Netherlands, Austria, Belgium and Luxembourg {{see pg.3-4 of ID#200194}}.