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Overview

Bank of China contributes to a $1.9 billion AUD syndicated loan to Investa Property Trust to refinance its office portfolio

Commitments (Constant USD, 2023)$112,233,521
Commitment Year•2012Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 3, 2012

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)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • BOS International (Australia) Ltd.
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Investa Property Trust (IPT)

Loan description

Bank of China contributions to a $1.9 billion AUD syndicated loan to Investa Property Trust to refinance its office portfolio in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 3, 2012, it was announced that a syndicate of seven banks — including the Bank of China (BOC) — had entered into a $1.9 billion AUD ($1.91 billion USD) syndicated senior debt facility to Investa Property Trust (IPT) of Investa Property Group to refinance IPT's 18-building office portfolio that was due to mature in December 2012. The facility was divided into three, four, and five tranches, and had a structure to allow it refinance any part of IPT at any point. IPT owns stakes in 18 Premium and A-grade commercial office buildings in central business districts across Australia. In addition to BOC, the following banks contributed to this syndicated loan: Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB), Westpac Banking Corporation, BOS International (Australia) Ltd., and Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB). ANZ, CBA, NAB, and Westpac served as Mandated Lead Arrangers. ANZ, CBA, NAB, and Westpac contributed $1.6 billion AUD ($1.61 billion USD) to the syndicate; BOC, BOS International, and Crédit Agricole CIB provided the remaining $300 million AUD ($301.9 million USD). This facility was reportedly BOC's first "big-ticket commercial office property transaction in Australia"

Staff comments

1. The individual breakdown of each lender's contribution to this $1.9 billion AUD syndicated loan is unknown. However, it is known as ANZ, CBA, NAB, and Westpac contributed $1.6 billion AUD, and BOC, BOS International, and Crédit Agricole CIB contributed the remaining $300 million AUD. Therefore, to estimate BOC's contribution, AidData has assumed that the three lenders to the $300 million AUD portion of this loan contributed equally ($100 million AUD) to it.