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Overview

Bank of Communications contributes to a syndicated loan for the 10 Aldermanbury Refinancing Project

Commitment Year•2020Country of Activity•United KingdomDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2020

Geospatial footprint

Map overview

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The proceeds were to be used to refinance 10 Aldermanbury, a 324,000 square foot (30,100 square meter) office building located on Gresham Street in London. More detailed locational information can be found at: https://www.openstreetmap.org/way/539320024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.
  • ING Bank N.V.

Receiving agencies

Private Sector

  • J.P. Morgan Asset Management, Inc. (JPMAM)

Loan desecription

Bank of Communications contributes to a syndicated loan for the 10 Aldermanbury Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2020, a three-bank syndicate — the Bank of Communications (BoComm), ING Bank N.V., and DBS Bank — closed financing on a syndicated loan to a fund managed by J.P. Morgan Asset Management, Inc. (JPMAM), an institutional investor, for the 10 Aldermanbury Refinancing Project. The proceeds were to be used to refinance 10 Aldermanbury, a 324,000 square foot (30,100 square meter) office building located on Gresham Street in London, on a 25-year lease expiring in June 2025. JPMAM had purchased the asset for £260 million GBP in 2010 on behalf of The Hong Kong Monetary Authority.

Staff comments

1. The face value of this loan was undisclosed and therefore unknown, as were its borrowing terms and the specific borrowing institution. This issue merits further investigation.