Overview

ICBC provides a €140 million EUR loan to Aroundtown for unspecified purposes

Commitments (Constant USD, 2023)$139,251,240

Commitment Year•2022Country of Activity•LuxembourgDirect Recipient Country of Incorporation•LuxembourgOverseas Jurisdiction•LuxembourgSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 11, 2022

Last repayment (originally scheduled): Jul 9, 2028

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% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Aroundtown SA

Loan description

ICBC provides a €140 million EUR loan to Aroundtown for unspecified purposes

Interest rate (t₀)•1.115%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•6 years

Narrative

Full Description

Project narrative

On July 11, 2022, the Luxembourg Branch of the Industrial and Commercial Bank of China (ICBC) entered into a €140,000,000 EUR term facility agreement with Aroundtown SA — a Luxembourg-incorporated real estate company focused on Germany, the Netherlands, and the United Kingdom headquartered in Luxembourg and listed on the Frankfurt Stock Exchange — for unspecified purposes. This loan carried a variable interest rate of 6-month EURIBOR plus a margin of 0.75% and a maturity period of six years and a maturity date in 2028. The loan included covenants, pledge, and negative components. In 2023, the accumulated interest was €3,304,000 EUR. In October 2024, ICBC amended the loan agreement with Aroundtown; the interest rate was modified to a fixed rate of 2%. In 2024, the accumulated interest was €1,331,000 EUR.