Skip to content
AidData logo

Overview

ICBC contributes to a syndicated loan to Industre Property Group for investment financing purposes

Commitment Year•2021Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2021

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Westpac Banking Corporation

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Industre Property Group

Loan description

2021 syndicated loan from ICBC for investment financing purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to September 2021, the Industrial and Commercial Bank of China (ICBC), Westpac Banking Corporation, and Australia and New Zealand Banking Group (ANZ) had issued a syndicated loan to Industre Property Group, a joint venture between Stride Property Limited and institutional investors advised by J.P. Morgan Asset Management, for investment financing purposes. Further details are unknown.

Staff comments

1. It is unclear the precisely when this loan was committed. Industre Property began operations on July 1, 2020, so the loan must have been committed upon or after that date (see pg.5 of "Stride Property Group Annual Report 2021"). MinterEllisonRuddWatts, whose lawyers advised on the deal, acknowledges that as much on on a page on its website, archived on the Internet Archive on September 25, 2021, so the loan must have been committed prior to that date. No earlier mentions of the loan on that page are archived (see "MinterEllisonRuddWatts - Steve Gallaugher (Archived September 25, 2021)"). Therefore, this loan must have been committed between July 2020 and September 2021. For now, AidData has coded September 2021 as the commitment_date field and marked the commitment_date_estimated? field as True.