Skip to content
AidData logo

Overview

Bank of China (Europe) provides a €165 million EUR loan to CGL Hungary VI Assets Investment and CGL Hungary EU Investment Management for the acquisition of pan-European logistics property portfolio from Singapore's GIC

Commitments (Constant USD, 2023)$195,906,615
Commitment Year•2018Country of Activity•HungaryDirect Recipient Country of Incorporation•HungaryOverseas Jurisdiction•LuxembourgSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018
End (actual)
Aug 4, 2021

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Europe) S.A. (formerly Bank of China (Luxembourg) S.A. or BOC Luxembourg)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • CGL Hungary EU Investment Management Kft.
  • CGL Hungary VI Assets Investment Kft.

Loan description

Bank of China (Europe) provides a €165 million EUR loan to CGL Hungary VI Assets Investment and CGL Hungary EU Investment Management for the acquisition of pan-European logistics property portfolio from Singapore's GIC

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2018, Bank of China Europe S.A. (formerly Bank of China Luxembourg) and CGL Hungary VI Assets Investment Kft. and CGL Hungary EU Investment Kft. — special purpose vehicles that are legally incorporated in Hungary and wholly owned by CGL Investment Holdings Corporation Limited (a Chinese state-owned global private equity and infrastructure investment manager based in Hong Kong) — entered into an €165 million EUR term loan agreement to facilitate the acquisition of a pan-European logistics property portfolio covering more than 10 jurisdictions in Europe from Singapore’s sovereign wealth fund GIC.

Staff comments

1. CGL Investment Holdings Corporation is a Chinese state-owned global private equity and infrastructure investment manager based in Hong-Kong, China that was established by Baoxin Holdings Corporation Ltd (50% equity stake), CNIC Corporation Limited (40% equity stake) and BoCom Insurance (10% equity stake). See https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600681.pdf and https://rpvs.gov.sk/rpvs/Partner/Partner/Dokument/181042. Some sources identify China Nanshan Development Group Incorporation as the 50% equity holder. 2. CGL Investment Holdings Corporation may have acquired the pan-European logistics property portfolio from P3 Logistic Parks (a GIC-owned logistics company). This issue warrants further investigation.