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Overview

Bank of China contributes to a syndicated loan for the 60 Curzon Street Redevelopment Project

Commitments (Constant USD, 2023)$176,706,489
Commitment Year•2016Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 26, 2016
Start (actual)
Aug 1, 2018
End (planned)
Dec 31, 2020

Geospatial footprint

Map overview

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The purpose of the £600 million GBP project were to construct a luxury residential complex at 60 Curzon Street consisting of 32 double and triple-aspect luxury apartments with private terraces formed around a private south-facing garden, a gym, a spa, a swimming pool, underground car parking, and a restaurant located in Mayfair, London. More detailed locational information can be found at: https://www.openstreetmap.org/way/627315961

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 ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Apollo Global Management
  • Deutsche Bank AG
  • United Overseas Bank Limited (UOB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • 60 Curzon Street Limited

Implementing agencies

Private Sector

  • Balfour Beatty plc
  • Barr + Wray Ltd
  • Boston Valley Terra Cotta (BVTC)
  • PLP Architecture International Ltd
  • Studio Christine Jetten

Loan description

Bank of China contributes to an approximately GBP 360,000,000 syndicated loan for the 60 Curzon Street Redevelopment Project in the United Kingdom in 2016

Interest type•Unknown

Narrative

Full Description

Project narrative

On or around April 26, 2016, a syndicate of three banks — the London Branch of the Bank of China (BOC), the London Branch of Deutsche Bank, and the London Branch of the United Overseas Bank Limited (UOB) — entered into a senior syndicated loan agreement with 60 Curzon Street Limited — a special purpose vehicle (SPV) that is jointly owned by Brockton Capital LLP (30% equity stake) and a joint venture between Cindat Capital Management Ltd., a Chinese private equity and investment manager affiliated with state-owned China Cinda Asset Management (HK) Holding Co., Ltd., and CITIC Capital Holdings Limited, a Chinese alternative investment management firm and subsidiary of state-owned investment company CITIC Group Corporation Ltd., (70% equity stake) — for the 60 Curzon Street Redevelopment Project. The size of the loan is unknown; however, it had a reported 60% loan-to-cost ratio for the £600 million GBP (€759 million EUR; $866 million USD) development, implying a loan with a face value of approximately £360 million. This loan was secured. Situs Asset Management Limited served as agent and Wilmington Trust SP Services (Frankfurt) GmbH served as common security trustee. Additionally, Apollo Global Management provided mezzanine debt for the project. The purpose of the £600 million GBP project were to construct a luxury residential complex at 60 Curzon Street consisting of 32 double and triple-aspect luxury apartments with private terraces formed around a private south-facing garden, a gym, a spa, a swimming pool, underground car parking, and a restaurant (the site being the former home of the Mirabelle restaurant) located in Mayfair, London within a one-minute walk of Berkeley Square and Green Park. PLP Architecture was the designer of the project, while Brockton Capital was the development manager. Balfour Beatty was contracted to construct the project. Barr + Wray Ltd was contracted for works on lap pool and vitality pool filtration water treatment, stainless steel attractions, and eight thermal cabins. PLP Architecture contracted Studio Christine Jetten to deliver a glaze design for the project. Boston Valley Terra Cotta manufactured dark green glazed terra cotta panels. Construction began in August 2018 and was scheduled for completion in 2020. Completion was delayed; as of March 2022, it was expected to be completed in mid-2022. As of April 2023, the project was not yet completed.

Staff comments

1. AidData has assumed, based on the reported loan-to-value ratio, that the syndicated loan had a face value of approximately £360 million GBP. The individual contribution of the three lenders to this £360 million GBP estimate for the syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (£120,000,000 GBP) to the syndicated loan.