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Overview

Bank of China provides £150 million GBP loan to L&Q for general corporate purposes

Commitments (Constant USD, 2023)$197,947,124
Commitment Year•2019Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 27, 2019
Last repayment (originally scheduled)
Sep 25, 2024

Geospatial footprint

Map overview

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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

  • Bank of China (UK) Limited (BOC UK)

Receiving agencies

NGO/CSO/Foundations

  • L&Q (London & Quadrant Housing Trust)

Collateral providers

NGO/CSO/Foundations

  • L&Q (London & Quadrant Housing Trust)

Loan desecription

Bank of China provides £150 million GBP loan to L&Q for general corporate purposes

Interest type•Variable Interest RateMaturity•5 years

Collateral

This loan was secured by (i.e. collateralized against) L&Q's social housing properties, specifically 600 dwellings.

Narrative

Full Description

Project narrative

On September 27, 2019, Bank of China (UK) Limited (BOC UK) signed a £150,000,000 GBP facility (loan) agreement with London & Quadrant Housing Trust (L&Q) — an English housing association — for general corporate purposes. This loan carried the following terms: a maturity of five years with two extension options of one year, a bullet repayment scheme, and a floating interest rate. The loan was secured by (i.e. collateralized against) L&Q's social housing properties, specifically 600 dwellings.

Staff comments

1. In Ireland and the United Kingdom, housing associations are private, non-profit making organizations that provide low-cost "social housing". They are independent but regulated by the state and commonly receive public funding. Housing associations are the United Kingdom's major providers of new housing for rent.