Skip to content
AidData logo

Overview

ICBC contributes to a £500 million GBP syndicated loan for the 100 Bishopsgate London Construction Project (Linked to Record ID#92258 and #101346)

Commitments (Constant USD, 2023)$122,712,840
Commitment Year•2016Country of Activity•United KingdomDirect Recipient Country of Incorporation•BermudaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2016
Start (actual)
May 1, 2015
End (actual)
Jan 1, 2019
Last repayment (originally scheduled)
Jul 31, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This loan supported the construction of 100 Bishopsgate, a 37-story office building in London. More detailed locational information can be found https://www.openstreetmap.org/way/702815278

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banca IMI S.P.A.
  • BNP Paribas S.A.
  • United Overseas Bank Limited (UOB)
  • Wells Fargo Bank N.A.

State-owned Banks

  • Landesbank Hessen-Thüringen (Helaba)

Receiving agencies

Private Sector

  • Brookfield Property Partners L.P.

Implementing agencies

Private Sector

  • Allies and Morrison LLP
  • Arney Fender Katsalidis
  • Balfour Beatty Ground Engineering Limited
  • Multiplex (Brookfield Multiplex)
  • TClarke plc

Loan desecription

ICBC contributes to a £500 million GBP syndicated loan for the 100 Bishopsgate London Construction Project

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In August 2016, a syndicate of six international banks — including the Industrial and Commercial Bank of China (ICBC) — signed a £500 million GBP syndicated development and investment loan with Brookfield Property Partners L.P. — a Bermuda-headquartered commercial real estate firm that is part of Canada's Brookfield Asset Management — for the 100 Bishopsgate London Construction Project. This loan carried a maturity of five years and a floating market interest rate plus a margin of 300 basis points (bps) that would reduce after pre-leases of space in the property. Record ID#92257 captures ICBC's contribution to this loan. In addition to ICBC, the following banks contributed to this syndicated loan: Landesbank Hessen-Thüringen (Helaba), Wells Fargo, BNP Paribas S.A., Banca IMI, and United Overseas Bank Limited. The proceeds of the loan supported the construction of 100 Bishopsgate, a 37-story office tower, developed by Brookfield Properties, in London. It included 850,000 square feet of office space available for leasing. Allies & Morrison and Arney Fender Katsalidis were the architects for construction. Brookfield Multiplex was the main project contractor responsible for implementation. T Clarke was the contractor responsible for the building's electrical system. Balfour Beatty Ground Engineering was responsible for work on the foundations. Enabling works ceased at the site in July 2012. Construction commenced in or around early May 2015. Construction was completed in 2019. Then, in the third quarter of 2019, a syndicate of five banks — including Bank of China (BOC) — entered into a £885 million GBP ($1.1 billion USD) syndicated loan with Brookfield Property Partners for the 100 Bishopsgate London 2019 Refinancing Project. This loan carried a maturity period of five years and an interest rate based on a floating rate plus a margin of 2.5%. The proceeds were to be used by the borrower to refinance the 2016 £500 million GBP loan. Record ID#92258 captures BOC's contribution to this loan. In July 2022, a syndicate of seven banks — including BOC — entered into a £1.23 billion GBP syndicated loan agreement with Brookfield Property Partners for the 100 Bishopsgate London 2022 Refinancing Project. This loan consisted of a £280 million GBP mezzanine loan and £950 million GBP of senior debt. This loan carried a maturity period of five years and an interest rate based on SONIA plus a margin of 232 bps. The proceeds were to be used by the borrower to refinance the 2019 £885 million GBP syndicated loan. Six banks provided the £950 million GBP syndicated loan, including BOC. Record ID#101346 captures BOC's contribution to this loan.

Staff comments

1. The individual contributions of the six lenders to this £500 million GBP syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that the six lenders each contributed an equal amount (£83,333,333.3333 GBP) to the loan syndicate.