Overview

Bank of China provides a loan to Precision Group for the acquisition of the Chevron Renaissance Renaissance Shopping Centre

Commitments (Constant USD, 2023)$41,245,575

Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 1, 2015

Start (actual): May 1, 2015

End (actual): May 1, 2015

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

Bank of China (BOC)

Receiving agencies

Private Sector

Precision Group of Companies Pty Ltd

Loan description

Bank of China provides a loan to Precision Group for the acquisition of the Chevron Renaissance Renaissance Shopping Centre

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2015, the Bank of China (BOC) issued a loan to the Precision Group — an Australian private property investment and management company — to support its $75 million AUD acquisition of the Chevron Renaissance Renaissance Shopping Centre from Morgan Stanley's Arena Investment Management. The acquisition was completed in May 2015. Chevron Renaissance Renaissance Shopping Centre is home to the Coles Supermarket, the largest supermarket in the Gold Coast region, Liquorland, and 78 specialty retail and office tenants.

Staff comments

1. The face value of the M&A loan from Bank of China is unknown. However, given that the total cost of the acquisition was $75 million AUD and M&A loans often cover 70% of the total cost of the acquisition, AidData assumes for the time being that the face value of the loan was roughly equivalent to $52.5 million AUD. This issue warrants further investigation.