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Overview

Bank of China contributes to a $176 million AUD syndicated loan to Platino Properties for the Chatswood Place Project

Commitments (Constant USD, 2023)$46,090,294
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
Jan 1, 2015
Start (planned)
Feb 1, 2016
End (planned)
Dec 31, 2018
End (actual)
Oct 1, 2018

Geospatial footprint

Map overview

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The proceeds of this loan were to be used by the borrower to finance the construction of Chatswood Place, a $300 million AUD boutique luxury mixed-use residential and commercial development located at 260 Victoria Avenue, Chatswood in Sydney, New South Wales. The development, located at the edge of the Chatswood Central Business District (CBD) sought to construct five buildings with 225 apartments with a mix between studio and one to four bedrooms, landscaped gardens, retail and commercial space with 10 commercial suites and 'The Mix Shopping Centre' with 18 retail tenancies, one mini-major tenancy, and 16 specialty tenancies for retail, cafes, and restaurants, a childcare center with a 98-child capacity, a 3-storey heritage building with a 464 square meter space and meant to serve as a pop-up space catering for businesses, a 12.5 meter rooftop lap pool with a sundeck, gymnasium, two rooftop barbecue areas, open air sheltered space, and four levels of underground car parking. More detailed locational information can be found at: https://www.openstreetmap.org/way/514139622

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)
  • ING Bank (Australia) Limited

Receiving agencies

Private Sector

  • Platino Properties Pty Ltd

Implementing agencies

Private Sector

  • Chalouhi Group
  • Structural Design Solutions Pty Ltd (SDS)
  • Taylor Construction Group Pty Ltd

Loan desecription

Bank of China contributions to a $176 million AUD syndicated loan to Platino Properties for the Chatswood Place Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around 2015, a syndicate of three banks — the Bank of China (BOC), Australia and New Zealand Banking Group Limited (ANZ), and ING Bank (Australia) Limited — provided a $176 million AUD senior secured syndicated loan to Platino Properties Pty Ltd — an Australian developer — for the Chatswood Place Project. The proceeds of this loan were to be used by the borrower to finance the construction of Chatswood Place, a $300 million AUD boutique luxury mixed-use residential and commercial development located at 260 Victoria Avenue, Chatswood in Sydney, New South Wales. The development, located at the edge of the Chatswood Central Business District (CBD) sought to construct five buildings with 225 apartments with a mix between studio and one to four bedrooms, landscaped gardens, retail and commercial space with 10 commercial suites and 'The Mix Shopping Centre' with 18 retail tenancies, one mini-major tenancy, and 16 specialty tenancies for retail, cafes, and restaurants, a childcare center with a 98-child capacity, a 3-storey heritage building with a 464 square meter space and meant to serve as a pop-up space catering for businesses, a 12.5 meter rooftop lap pool with a sundeck, gymnasium, two rooftop barbecue areas, open air sheltered space, and four levels of underground car parking. Taylor Construction won a $114 million AUD contract for project implementation. Structural Design Solutions Engineering was responsible for design implementation. Chalouhi served as the principal contractor for early works developments, including demolition, bulk excavation, and traffic management plan. Sales for apartments at the development were launched in November 2015, with $160 million AUD worth of sales and 106 of 111 of the launched apartments sold, including two penthouses for a total of $8.1 million AUD. Construction was to start in February 2016 and finish in late 2018. Construction was completed in October 2018.

Staff comments

1. The individual contribution of the three lenders to this $176 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that each lender contributed an equal amount ($58,666,666.6667 AUD) to the syndicated loan. 2. The precise commitment date is unknown. For now, AidData has coded 2015 as the commitment year, with the commitment_date_estimated? field as True, because this is the first year that the project had moved towards implementation, as the precise implementation date is unknown.