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Overview

ICBC provides a €60 million EUR loan to Grand City Properties for unspecified purposes

Commitments (Constant USD, 2023)$64,876,118
Commitment Year•2023Country 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
Mar 8, 2023
Last repayment (originally scheduled)
Mar 8, 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

  • Grand City Properties S.A

Loan description

ICBC provides a €60 million EUR loan to Grand City Properties for unspecified purposes

Interest rate (t₀)•4.851%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On March 8, 2023, the Luxembourg Branch of the Industrial and Commercial Bank of China (ICBC) entered into a €60,000,000 EUR term facility agreement with Grand City Properties S.A. — a Luxembourg-incorporated real estate company listed on the Frankfurt Stock Exchange and majority-owned by Edolaxia Group Ltd (62% stake), a Cyprus-incorporated wholly-owned subsidiary of Aroundtown SA, a Luxembourg-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 1.4%, paid every March 30 and September 30, and a maturity period of five years and a final maturity date of March 8, 2028. The borrower drew down the loan in 2023. In 2023, the accumulated interest was €858,000. In October 2024, ICBC amended the loan agreement with Grand City Properties; the interest rate was modified to a fixed rate of 2%. In 2024, the accumulated interest was €307,000 EUR.