ICBC (Asia) provides loan to finance Emperor International Holdings' acquisition of the Ampersand Building

Project narrative

On June 2, 2017, the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) entered into a loan agreement with Big Target Holdings Limited — a Hong Kong-incorporated special purpose vehicle (SPV) wholly-owned by Emperor International Holdings Limited, a Bermuda-incorporated and Hong Kong-based privately-held investment holdings company — for the £260 million GBP acquisition of the Ampersand Building in London as a rental investment. The loan was secured by (collateralized against) a first legal mortgage on freehold land (title number NGL887295) that held the Ampersand Building and a first floating charge all of their present and future assets and undertakings as charged by Luxembourg-incorporated Peterson Ampersand General Partner S.à r.l. acting as general partner of England and Wales-incorporated Peterson Ampersand Limited Partnership, Luxembourg-incorporated Peterson Ampersand General Partner S.à r.l. and England and Wales-incorporated Peterson Ampersand Nominee acting as joint trustees of land for Peterson Ampersand Limited Partnership acting by its general partner Peterson Ampersand General Partner S.à r.l., Luxembourg-incorporated Peterson Ampersand General Partner S.à r.l., and England and Wales-incorporated Peterson Ampersand Nominee Limited per a security agreement dated June 14, 2017. The borrower signed a negative pledge, but was permitted to act as bare trustee of the property. The Ampersand Building is a freehold 8-story composite building with a floor area of approximately 91,000 square feet, composed of retail spaces, offices, and leasehold apartments. It is located in a prime retail location in Soho, the West End, in London. The acquisition was completed in June 2017.