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Overview

Bank of China contributes to a £885 million GBP syndicated loan for the 100 Bishopsgate London 2019 Refinancing Project (Linked to Record ID#92257 and #101346)

Commitments (Constant USD, 2023)$233,577,606
Commitment Year•2019Country 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
Sep 30, 2019
Last repayment (originally scheduled)
Sep 28, 2024

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This loan supported the refinancing 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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Axa S.A.
  • ING Bank N.V.
  • Standard Chartered Bank PLC

State-owned Banks

  • First Abu Dhabi Bank PJSC (FAB)

Receiving agencies

Private Sector

  • Brookfield Property Partners L.P.

Loan description

Bank of China contributes to a £885 million GBP syndicated loan for the 100 Bishopsgate London 2019 Refinancing 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. 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 addition to BOC, the following banks participated in this syndicated loan: First Abu Dhabi Bank (FAB), AXA S.A., ING Bank N.V., and Standard Chartered Bank. Standard Chartered Bank and ING Bank served as joint lead arrangers and bookrunners. Standard Chartered acted as documentation agent. 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. 100 Bishopsgate, a 37-story office tower in London, was developed by Brookfield Properties. It included 850,000 square feet of office space available for leasing. Construction was completed in 2019.

Staff comments

1. The individual contributions of the five lenders to this £885 million GBP syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that the five lenders each contributed an equal amount (£177,000,000 GBP) to the loan syndicate. 2. "Brookfield secures £885m refi for 100 Bishopsgate" states that Bank of India served as a lead arranger and bookrunner, but other sources describe this as a five-lender syndicate and do not include it. This issue merits further investigation.