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Overview

Bank of China contributes €50 million EUR to a €200 million EUR syndicated revolving credit facility to SEGRO European Logistics Partnership for unspecified purposes

Commitments (Constant USD, 2023)$58,125,681
Commitment Year•2019Country of Activity•LuxembourgDirect Recipient Country of Incorporation•LuxembourgSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2019
Last repayment (originally scheduled)
Apr 8, 2023

Geospatial footprint

Map overview

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This project was a syndicated revolving credit facility to Luxembourg-based company SEGRO European Logistics Partnership S.à.r.l., headquartered at 35 Av. de la Liberté, 1931 Gare Luxembourg. More detailed locational information can be found at: https://www.openstreetmap.org/way/681138455

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)

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • SEGRO European Logistics Partnership S.à r.l. (SELP)

Loan desecription

2019 syndicated €200 million EUR revolving credit facility from BoC and Banco Santander, S.A. to SEGRO European Logistics Partnership for unspecified purposes in Luxembourg

Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

In April 2019, a two-bank syndicate — consisting of the Bank of China (BOC) and Banco Santander, S.A. — entered into a €200,000,000 EUR syndicated revolving credit facility (RCF) agreement with SEGRO European Logistics Partnership S.à r.l. (SELP) — a Luxembourg-incorporated logistics real estate company focused on Continental Europe that is jointly owned by SEGRO Luxembourg S.à r.l., a Luxembourg-incorporated wholly-owned indirect subsidiary of British property investment and development company SEGRO plc (50% equity stake) and PSP Investments Holding Europe Limited, an England and Wales-incorporated company wholly owned by Canadian Crown (state-owned) corporation Public Sector Pension Investment Board (PSPIB) (50% equity stake) — for unspecified purposes. This unsecured loan carried a maturity period of four years, a final maturity date of April 8, 2023, and a variable interest rate. BOC committed €50 million EUR and Santander committed €150 million EUR.

Staff comments

1. The SEGRO European Logistics Partnership (SELP) was created in October 2013 as a 50:50 joint venture between SEGRO and Canadian pension fund Public Sector Pension Investment Board. SEGRO injected about €1 billion EUR of grade A standing logistics investments and development land into SELP, with the hopes to establish a leading Continental European logistics platform, initially focused on six geographies, namely France, Germany, Poland, Czech Republic, Belgium and Netherlands. In the time since, SELP has also invested in big box warehouses in Italy and Spain. As of December 31, 2022, the portfolio was valued at €6.8 billion EUR and generated €313 million EUR of annualized headline rent across 5.6 million square meters of lettable area {{see ID#200240}}