China Eximbank provides a €31 million EUR loan for the construction of TusPark Cambridge at the Cambridge Science Park at the University of Cambridge (Linked to Record ID#106459)

Project narrative

On May 27, 2019 the Export-Import Bank of China entered into a RMB 104 million and a €31 million EUR loan agreement with Tus-S&T Service Co., Ltd. (TusPark) (Chinese: 啟迪科技服務有限公司) — a Chinese company and subsidiary of Tus-Holdings Co., Ltd., a Chinese high-tech company which builds business parks under public university Tsinghua University via Tsinghua Holdings — for the construction of TusPark Cambridge at the Cambridge Science Park at the University of Cambridge. Both loans carried a maturity period of 96 months (eight years), with scheduled for quarterly repayments between May 27, 2019 and May 27, 2027 (on March 20, June 30, September 20, and December 20 of each year) (a grace period of 34 days, ~0.0932 years). The €31 million EUR loan carried an interest rate of 4.164%. Record ID#106459 captures the RMB 104 million loan. Record ID#107179 captures the €31 million EUR loan. The proceeds were used to support the construction of TusPark Cambridge, a technology park covering about 153,333 square meters with 350,000 square meters of office and laboratory space with a science & technology and biomedicine focus across five new buildings located with the Cambridge Science Park, a science park in Milton, Cambridge, England nearby the University of Cambridge and owned by Trinity Hall and Trinity College, constituent colleges of the University of Cambridge. The buildings for TusPark Cambridge included the Bio-Innovation Centre (also known as BioHub), a state-of-the-art three-story 40,300 square foot building with flexible wet labs and offices for the life science sector, the Life Technology Innovation Center, R&D Center, and China-UK Life Technology Company Clustering Center. CNIC Corporation and TusPark invested in the project, which had a cost of £200 million GBP and involved a joint venture with Trinity College at the University of Cambridge. The project was aimed at businesses with interests in life technology, high-end manufacturing, and information technology. TusPark Cambridge was expected to serve as a research & development, incubation, and innovation base for technology companies in the Cambridge region and the United Kingdom and promote cooperation between Chinese entities and the University of Cambridge and the United Kingdom. TusPark secured a number of long leases including Frontier Developments, DisplayLink, Mogrify, and Novogene. On February 1, 2018, during British Prime Minister Theresa May's visit to China, the University of Cambridge signed an agreement with TusHoldings and Tus-Science & Technology Service Group for the construction of TusPark Cambridge. Bidwells was responsible for construction of building 1 and 2 of the project. The topping-out ceremony of the Bio-Innovation Centre was held on July 19, 2018. The Bio-Innovation Centre opened in May 2019.