Bank of China provides a loan to Precision Group for the 2012 refinancing of 144 Edward Street, Brisbane (Linked to Record ID#94416)

Project narrative

In October 2012, Bank of China (BOC) entered into a loan agreement with Precision Group — an Australian private property investment and management company — to refinance 144 Edward Street, Brisbane, $90 million AUD office tower in Brisbane, Queensland. The loan was long-term and priced with a competitive interest rate. BOC was required to seek approval from the Australian Foreign Investment Review Board (FIRB), per Australian federal government, requirements, to the chagrin of Precision Group Shaun Bonétt, who later publicly complained that FIRB approval was both unnecessary and commercially unfair. Record ID#94415 captures the 2012 refinancing. Later, in approximately 2016, BOC entered into a $90 million AUD loan agreement with Precision to refinance the 23-story office tower again. Record ID#94416 captures the 2016 refinancing.