Narrative
Full Description
Project narrative
In April 2016, Landesbank Baden-Württemberg (LBBW) and ING Real Estate Finance signed a £400 million GBP loan agreement with a consortium consisting Heron International, State General Reserve Fund (SGRF), — Oman's sovereign wealth fund — and Saudi Arabia’s Prince Abdul Aziz bin Fahd for the 110 Bishopsgate Refinancing Project. The consortium members are the owners of a London skyscraper, officially known as 110 Bishopsgate and Salesforce Tower, but unofficially known as the Heron Tower. The loan carried a maturity of five years and was senior debt, and its proceeds were to refinance the property (which has 459,000 square feet of office space and a height of 755 feet), namely a £288 million GBP loan from Starwood Capital provided in October 2013. Then, in December 2016, LBBW and ING syndicated £200 million GBP of the £400 million GBP syndicated loan to a group of eight banks — including the Agricultural Bank of China. In addition to the Agricultural Bank of China, the following institutions participated in £200 million GBP tranche syndicate: Bank of Taiwan, Hua Nan Commercial Bank, Ltd. (HNCB), Chang Hwa Commercial Bank Limited, Shinsei Bank, an unspecified Japanese bank, an unspecified Korean bank, and an unspecified German bank. In March 2021, LBBW, ING, Sumitomo Mitsui Banking Corporation Group (SMBC Group), and other banks provided a £400 million GBP loan to the consortium to refinance this loan.
Staff comments
1. The individual contributions of the eight lenders to this £200 million GBP tranche of £400 million GBP syndicated loan are unknown. For the time being, AidData has estimated the contribution of Agricultural Bank of China by assuming that the eight lenders each contributed an equal amount (£25,000,000 GBP) to the loan syndicate.