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Overview

ICBC contributes to a $80 million AUD syndicated loan for the Claremont Manor Acquisition and Development Project

Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015
Start (actual)
Apr 29, 2015
End (planned)
Feb 1, 2017
End (actual)
Oct 1, 2016

Geospatial footprint

Map overview

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This project supported the acquisition and development of Claremont Manor, a mixed-used development located 3-7 Claremont Street, South Yarra, Victoria, consisting of a 19-story tower with 285 apartments, nine office suites, and three levels of basement car parking. Its address is 3-7 Claremont Street, South Yarra VIC 3141. More detailed locational information can be found at: https://www.openstreetmap.org/way/1071793689

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)

Receiving agencies

Private Sector

  • Unspecified Entity for Claremont Manor Acquisition and Development Project in Australia

Implementing agencies

Private Sector

  • Alola Pools Pty Ltd
  • Bird de la Coeur Architects
  • BSGM Consulting Building Surveyors
  • Hassel Studio
  • Hickory Group Pty Ltd
  • Meinhardt Group
  • PDS Group
  • Rincovitch Consultants Pty Ltd
  • Rothelowman
  • Webber Design Pty Ltd

Loan description

ICBC contributions to a $80 million AUD syndicated loan for the Claremont Manor Acquisition and Development Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around 2015, a syndicate of banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $80 million AUD syndicated facility agreement with a borrower for the Claremont Manor Acquisition and Development Project in South Yarra, Melbourne. The proceeds of the loan were to be used for the acquisition of Claremont Manor and its development. The project developer is Poly & Southlink Developments Pty Ltd — a joint venture between Poly (Australia) Real Estate Development, a subsidiary of China Poly Estate (a subsidiary of conglomerate China Poly Group), and Victoria-based real estate developer Southlink Projects Pty Ltd (also known as Southlink Developments). Claremont Manor is a mixed-used development located 3-7 Claremont Street, South Yarra, Victoria, consisting of a 19-story tower with 285 apartments, nine office suites, and three levels of basement car parking. Claremont Manor included luxury apartments, a lap pool, gym, residents' club with a lounge, function, and theatre room, a hotel-style lobby with a restaurant and grocer at the foot of the building. Hickory Group Pty Ltd served as the contractor responsible for project implementation. PDS Group served as project manager. Rothelowman served as exterior architect. Hassel Studio served as interior architect. Rincovitch Consultants Pty Ltd served as structural and civil engineer. BSGM Consulting Building Surveyors served as building services engineer. Alola Pools Pty Ltd was contracted to construct a 62.5 square meter pool. Bird de la Couer was also involved in exterior architecture. Webber Design also served as a strucutre and civil engineer and Meinhardt Group served as towner planner. Construction began on April 29, 2015. As of January 2016, construction completion was expected for February 2017. As of May 2016, construction completion was expected for October 2016. The project was completed in October 2016.

Staff comments

1. The specific borrower is unclear. It is possible it is Poly & Southlink Developments Pty Ltd, as this is the joint venture for the project. However, the project also features an acquisition aspect, suggesting that it that Poly (Australia) Real Estate Development or any affiliate may have borrowed funds to purchase a stake in the project, leading to the joint venture. This issue merits further investigation.