Overview

Bank of China provides a $250 million AUD loan to Precision Group for the refinancing of the Adelaide Central Plaza and MacArthur Central shopping centers

Commitments (Constant USD, 2023)$293,188,207

Commitment Year•2011Country 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: Jan 1, 2011

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 $250 million AUD loan to Precision Group for the refinancing of the Adelaide Central Plaza and MacArthur Central shopping centers

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2011, the Bank of China (BOC) entered into a $250 million AUD loan agreement with Precision Group — an Australian private property investment and management company — to refinance its two flagships shopping centers, Adelaide Central Plaza in Adelaide, South Australia and MacArthur Central in Brisbane, Queensland. The loan carried a long-term maturity. The loan refinanced debt from Suncorp Group Limited that Precision had for nearly 10 years. This was reportedly the largest private property refinance in Australia in 2011.