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Overview

Bank of China contributes £40 million GBP to a £170 million GBP syndicated loan for the acquisition of Christchurch Court

Commitments (Constant USD, 2023)$63,983,746
Commitment Year•2015Country of Activity•United KingdomDirect Recipient Country of Incorporation•Cayman IslandsSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2015
Start (actual)
Jul 8, 2015
End (actual)
Jul 8, 2015
Last repayment (originally scheduled)
Nov 29, 2020

Geospatial footprint

Map overview

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This loan supported the acquisition of Christchurch Court, a 303,000 square foot office building in London, located at 15 Newgate Street on Paternoster Square. More detailed locational information can be found at: https://www.openstreetmap.org/way/172921911

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ING Group N.V.
  • SBI Shinsei Bank, Limited

Receiving agencies

Private Sector

  • Shimao Group Holdings Ltd.

Loan desecription

Bank of China contributes £40 million GBP to a £170 million GBP syndicated loan for the acquisition of Christchurch Court

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In or around early December 2015, a syndicate of three banks — the Bank of China (BOC), ING Real Estate Finance, and Shinsei Bank — provided a £170 million GBP syndicated loan to Hui Wing Mau, a Hong Kong-based Chinese-Australian billionaire and chairman of Shanghai-based real estate developer Shimao Holding, for his acquisition of London's Christchurch Court. This senior loan carried a maturity period of five years. ING Real Estate was the original lender, which syndicated the loan to BOC and Shinsei; BOC and Shinsei each contributed £40 million GBP, while ING contributed £90 million GBP. The proceeds were used to finance the £264 million GBP purchase price from Deka Immobilien GmbH. The acquisition was completed on or prior to July 8, 2015. Christchurch Court is a 303,000 square foot office building in London, located at 15 Newgate Street on Paternoster Square; as of 2015, it was entirely leased to Goldman Sachs until 2025, though with a tenant break option in 2020.