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Overview

Bank of China provides $77 million loan to Mara Delta Property Holdings Limited for acquisition purposes

Commitments (Constant USD, 2023)$81,937,731
Commitment Year•2017Country of Activity•MauritiusDirect Recipient Country of Incorporation•GuernseySector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2017
Last repayment (originally scheduled)
Mar 31, 2022

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

  • Grit Real Estate Income Group Limited (previously Mara Delta Property Holdings Limited)

Loan desecription

Bank of China provides $77 million loan to Mara Delta Property Holdings Limited for acquisition purposes

Grant element•9.0238%Interest rate (t₀)•5.42322%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

In April 2017, Bank of China provided a $77 million loan to Mara Delta Property Holdings Limited, a Mauritius-registered company. The loan carries a maturity of 5 years and an interest rate of 6-month LIBOR plus a 4% margin. The proceeds of the loan were to be used by the borrower to (a) acquire the Cosmopolitan Mall in Zambia via Rockcastle Global Real Estate Company Limited (registration number 100869/C1/GBL), a global business company incorporated and registered under the laws of Mauritius; and (b) refinance all outstanding debt on the Kafubu Mall and Mukuba Mall properties in Zambia. By June 30, 2018, the loan had fully disbursed. In 2020, the Bank of China facility was, subsequent to year-end, converted to a ZAR denominated facility for six years from November 2020 to December 2026 at an interest rate of three-month Jibar plus a 2.5% margin. The sale of Cosmopolitan Mall to Mara Delta Property Holdings Limited became unconditional in March 2017 when the final competition commission approval was received. Cosmopolitan Mall, located in Lusaka, Zambia comprises 25,900 m2 of gross lettable area with 1300 parking bays and is anchored by major multinational tenants including Shoprite (10% of rentals), Game (13% of rentals), as well as The Foschini Group (6% of rentals) with dollar underpinned leases. Other major tenants include Pep, Jet, OK Furniture, Woolworths, Ackermans, Truworths, Max Clothing, Carnival Furnishers, Edgars and Mr Price.