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Overview

China Construction Bank contributes ¥1 billion JPY to ¥24 billion JPY to AMB Japan Finance for acquisition of properties in Japan in 2004 (Linked to Record ID#108190)

Commitments (Constant USD, 2023)$19,451,823
Commitment Year•2004Country of Activity•JapanDirect Recipient Country of Incorporation•JapanSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 29, 2004
Last repayment (originally scheduled)
Apr 29, 2007

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • Bank of Nova Scotia (Scotiabank)
  • International Commercial Bank of China
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • Norinchukin Bank (Nochu Bank)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • SBI Shinsei Bank, Limited
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Trust & Banking Co
  • UFJ Bank

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • AMB Japan Finance Y.K.

Guarantors

Private Sector

  • AMB Property Corporation
  • AMB PROPERTY, L.P.

Loan description

BOC and CCB contribution to ¥24 billion JPY to AMB Japan Finance for acquisition of properties in Japan in 2004

Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On June 29, 2004, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China and China Construction Bank — entered into a ¥24,000,000,000 JPY syndicated revolving credit facility with AMB Japan Finance Y.K., a Japanese subsidiary of U.S.-based logistics real estate developer AMB Property Corporation (now part of Prologis). The maturity of the loan is 3 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to acquire logistics and industrial properties in Japan, in line with its strategy to expand operations in the Japanese real estate market. While Bank of China contributed ¥2,500,000,000 JPY (Record ID#108190) and China Construction Bank contributed ¥1,000,000,000 JPY to this loan (Record ID#108191), the following lenders also participated: Sumitomo Mitsui Banking Corporation (¥3 billion JPY), Mizuho Corporate Bank (¥3 billion JPY), Shinsei Bank (¥3 billion JPY), UFJ Bank (¥3 billion JPY), International Commercial Bank of China (¥2.5 billion JPY), The Bank of Nova Scotia (¥2 billion JPY), Oversea-Chinese Banking Corporation (¥2 billion JPY), Norinchukin Bank (¥1 billion JPY), and Sumitomo Trust & Banking Co. (¥1 billion JPY). On December 8, 2005, the parties entered into an amendment in which they changed certain definitions.

Staff comments

1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1045610/000095014904001210/f00063exv10w1.txt. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/p36h2jzcse2rqi2h19rfa/Source_ID_218732.pdf?rlkey=gqd5tqvfacrypxuc6d9o7mdsn&st=b0y8ee3r&dl=0 2. AMB Property Corporation was a U.S.-based real estate investment trust specializing in logistics facilities. In 2011, it merged with Prologis, forming the world’s largest industrial REIT. Its Japanese subsidiary, AMB Japan Finance Y.K., operated to acquire and manage warehouse assets in Japan. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in June 2004 and an applicable margin based on investment-grade ratings at the time (BBB+ or 0.2%).