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Overview

Bank of China (Hong Kong) contributes to £800 million GBP syndicated loan to Employees Provident Fund of Malaysia for refinancing of logistic assets in the United Kingdom

Commitments (Constant USD, 2023)$176,364,756
Commitment Year•2020Country of Activity•United KingdomDirect Recipient Country of Incorporation•JerseyOverseas Jurisdiction•Hong Kong (China)Sector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2020
Last repayment (originally scheduled)
Nov 30, 2025

Geospatial footprint

Map overview

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The purpose of this project was for Bank of China (Hong Kong) to contribute to a £800 million GBP syndicated loan to Employees Provident Fund of Malaysia for refinancing of logistic assets in the United Kingdom. More detailed locational information can be found at: https://www.openstreetmap.org/node/2179882200, https://www.openstreetmap.org/way/823333122

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 (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Standard Chartered Bank PLC
  • United Overseas Bank Limited (UOB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Links Bidco Limited

Loan desecription

Bank of China (Hong Kong) contributes to £800 million GBP syndicated loan to Employees Provident Fund of Malaysia for refinancing of logistic assets in the United Kingdom

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In December 2020, a syndicate of six banks — including the Bank of China (Hong Kong) Limited (BOCHK) — entered into a £800 million GBP syndicated (club) loan agreement with Links Bidco Limited — a Jersey-incorporated special purpose vehicle (SPV) wholly-owned by Jersey-incorporated Links Healthcare REIT Limited, itself a wholly-owned subsidiary of Jersey-incorporated Links Holdings LP, a wholly-owned subsidiary of Jersey-incorporated Links Holdings (GP) Limited, which is 99.4% owned by Malaysia-incorporated KWASA Links Malaysia Eleven Sdn Bhd, a wholly-owned incorporated subsidiary of Jersey-incorporated KWASA Global Links Limited (KGLL), a direct wholly-owned subsidiary of Jersey-incorporated KWASA Global (Jersey) Limited (KGJL), itself a wholly-owned direct subsidiary of the Employees Provident Fund (EPF), a federal statutory body under the purview of Malaysia's Ministry of Finance that manages the compulsory savings plan and retirement plan for private sector Malaysian workers — for the refinancing of logistic assets in the United Kingdom. This loan carried a maturity of five years. Its other borrowing terms are unknown. The proceeds were to be used by the borrower to refinance a a £540 million GBP five-year bullet loan accrued in February 2016; in 2016, EPF had purchased a portfolio of industrial and logistics assets in the United Kingdom from IM Properties plc for £200 million GBP (RM1.1 billion MYR) in 2016. The portfolio included 18 separate assets in business parks and industrial estates from Heathrow to Birmingham in the Midlands, including The Hub in Witton and buildings in the Birch Coppice business park. In addition to BOCHK, the following lenders contributed to the loan syndicate: DBS Bank, MUFG Bank, Ltd., Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Standard Chartered Bank plc, and United Overseas Bank Limited (UOB).

Staff comments

1. The individual contributions of the six lenders to this £800 million GBP syndicated loan are unknown. For the time being, to estimate BOCHK's contribution, AidData assumes that each lender contributed equally (£133,333,333.333 GBP) to the loan syndicate. This issue warrants further investigation.