Overview

ICBC London provides a £17.034 million GBP loan for the acquisition of the KAO ONE office property

Commitments (Constant USD, 2023)$23,351,739

Commitment Year•2017Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 24, 2017

Start (actual): Jul 1, 2017

End (actual): Jul 1, 2017

Last repayment (originally scheduled): Jul 23, 2021

Geospatial footprint

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This loan supported the acquisition of KAO ONE, a 118,854 square foot office property located in Harlow, Essex, London. More detailed locational information can be found at https://www.openstreetmap.org/way/699790672

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

ICBC (London) PLC

Receiving agencies

Private Sector

AR Investments Limited

Loan description

ICBC London provides a £17.034 million GBP loan for the acquisition of the KAO ONE office property

Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

On July 24, 2017, it was announced that ICBC (London) PLC had entered into a £17.034 million GBP loan agreement with AR Investments Limited for the acquisition of the KAO ONE office property. This loan carried a maturity of four years and a floating interest rate. KAO ONE is a 118,854 square foot office property located in Harlow, Essex, London. KAO ONE is part of the Kao Park development and within the Harlow Enterprise Zone, one of the United Kingdom's 24 government investment zones. KAO ONE was fully refurbished in June 2016 and then leased to Raytheon Systems Ltd and Arrow Electronics (U.K.) Ltd on 15-year lease agreements which began in August 2016 and July 2016, respectively. The property was fully let to Raytheon Systems Ltd on a new 15-year lease, which commenced in August 2016, and Arrow Electronics (U.K.) Ltd on a new 15-year lease (with a tenant break option in year 10), which commenced in July 2016. The acquisition was completed in July 2017. In July 2021, Riyad Bank issued a loan to refinance ICBC London's four-year loan.