Narrative
Full Description
Project narrative
In February 2016, YT International Pty Ltd, the Australian subsidiary of privately-owned Chinese investment company Perth Upper China Hotel Pty Ltd, entered into an agreement with the Insurance Commission of Western Australia (ICWA) to purchase The Forrest Centre, a premium office complex at 219-221 Georges Terrace in Perth, for a consideration of $193,636,800 AUD. To support this acquisition, the Industrial and Commercial Bank of China (ICBC) and Westpac Banking Corporation issued a $104 million AUD syndicated loan. The acquisition was due for completion on March 10, 2016. The sale was completed in March 2016. The Forrest Centre is located in the western end of Perth's Central Business District along St Georges Terrace. It consists of two A grade office buildings with a total space of 31,000 square meters. The main office tower, located at 221 St Georges Terrace, has 30 floors with office space and a lettable area of 21,239 square meters. The other office tower, the 219 St Georges Terrace, has seven floors of office space and 8,888 square meters of lettable space, as well as a tenant-only accessible gymnasium, swimming pool, and tennis court. There was also 222 square meters of retail space Between the two office towers lies a historical tavern, which was re-modelled after Alexander Forrest House and a parking lot.
Staff comments
1. The individual contribution of ICBC and Westpac to this $104 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($52,000,000 AUD) to the syndicated loan. 2. The precise borrower is unknown. For the time being, AidData has assumed that YT International Pty Ltd, as the purchaser of the property, was the borrower under the $104 million AUD syndicated loan.