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Overview

Bank of China provides $39 million AUD loan for 600 Collins Street Acquisition Project

Commitments (Constant USD, 2023)$30,639,570
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)
Jan 1, 2015
End (actual)
Mar 1, 2015

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

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • 600 Collins Pty Ltd

Loan description

Bank of China provides $39 million AUD loan for 600 Collins Street Acquisition Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around 2015, Bank of China Limited entered into a $39 million AUD loan facility agreement with 600 Collins Pty Ltd — a special purpose vehicle (SPV) and a subsidiary of the Australian real estate developer Landream Pty. Ltd., itself owned by Chinese-born residents of Australia — for the 600 Collins Street Acquisition Project. The proceeds of this loan were used by the borrower to acquire a 2,400 square meter at 600 Collins Street, Melbourne, Victoria for $60 million AUD from vendor the Henkell Brothers. The acquisition was completed in March 2015. Landream planned to use the site to construct a 54-story 186-meter tower designed by architect Zaha Hadid. The $700 million AUD tower would have featured a luxury 196-room five-star Mandarin Oriental hotel as well as 184 Mandarin Oriental-branded residences on upper levels and commercial and retail space on the lower levels. Planning approved was granted in July 2016. Then, in December 2020, Landream sold the 2,400 square meter site at 600 Collins Street to U.S.-based developer Hines for $200 million AUD.