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Overview

Bank of China (Frankfurt Branch) contributes to an EUR 754 million syndicated loan to Signa Prime Selection AG for refinancing of 30 department stores across Germany

Commitments (Constant USD, 2023)$146,089,212
Commitment Year•2019Country of Activity•GermanyDirect Recipient Country of Incorporation•AustriaOverseas Jurisdiction•GermanySector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2019
Last repayment (originally scheduled)
Nov 30, 2022

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 (BOC)

Cofinancing agencies

Private Sector

  • NATIXIS Pfandbriefbank AG
  • Raiffeisen Bank

Receiving agencies

Private Sector

  • Signa Prime Selection AG

Loan description

Bank of China branch contributions to EUR 754 million syndicated loan to Signa Prime Selection AG for refinancing of 30 department stores across Germany

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In December 2019, Bank of China's Luxembourg and Frankfurt branches contributed EUR 251,333,333.33 to an EUR 754 million syndicated loan to Signa Prime Selection AG -- an Austrian real estate development company -- for the refinancing of 30 department stores across Germany. Loan terms included a maturity of three years. This loan refinanced a 634,000 square meter portfolio of German retail, all let to Galeria Karstadt Kaufhof GmbH -- a German department store chain -- with a weighted average unexpired lease term (WAULT) of 16 years. The syndicate consisted of three banks, each contributing one third of the total loan amount: Bank of China (captured in this project), Natixis Pfandbriefbank, and Raiffeisen Bank. Natixis acted as the sole bookrunner and mandated lead arranger.

Staff comments

1. The breakdown of individual contributions from Bank of China's Luxembourg and Frankfurt Branches to the syndicated loan are unspecified. For the time being, AidData assumes that each branch provided equal amounts of Bank of China's EUR 251,333,333.33 contribution (EUR 125,666,666.67).