Overview

ICBC contributes to £106 million GBP syndicated loan to Fusion Students to refinance three properties across the United Kingdom

Commitments (Constant USD, 2023)$70,104,990

Commitment Year•2020Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 21, 2020

Last repayment (originally scheduled): Feb 19, 2025

Geospatial footprint

Map overview

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The loan refinanced Zenith Student Accommodation, a 675-bed property in Cardiff and the 308-bed Luna Student Accommodation and 65-bed Comet Hotel properties in Hatfield. More detailed locational information can be found at: https://www.openstreetmap.org/way/798909450 and https://www.openstreetmap.org/way/727154429

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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Cheyne Capital

Receiving agencies

Private Sector

Fusion Students

Loan description

ICBC contributes to £106 million GBP syndicated loan to Fusion Students to refinance three properties across the United Kingdom in 2020

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On February 21, 2020, a two-lender syndicate — the Industrial and Commercial Bank of China (ICBC) and Cheyne Capital — entered into £106 million GBP syndicated senior term loan and mezzanine loan agreement with British real estate company Fusion Students refinance three of the real estate company's properties in the United Kingdom. The debt facility had a maturity of five years and was composed of a senior term loan from ICBC and additional mezzanine financing from Cheyne Capital, a partner with Fusion Students in various real estate joint ventures. The loan refinanced Zenith Student Accommodation, a 675-bed property in Cardiff and the 308-bed Luna Student Accommodation and 65-bed Comet Hotel properties in Hatfield.

Staff comments

1. AidData is estimating each contribution of all Chinese state-owned institutions (GBP 53 million) by dividing the total amount of financing (GBP 106 million) by the number of known lenders (2).