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Overview

Bank of China (UK) provides secured loan to Urbanest UK Minories Nominee and Urbanest UK King's Cross MT GP2 for working capital purposes

Commitment Year•2013Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 20, 2013

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 (UK) Limited (BOC UK)

Receiving agencies

Private Sector

  • Urbanest UK King's Cross MT GP2
  • Urbanest UK Minories Nominee

Collateral providers

Private Sector

  • Urbanest UK King's Cross MT GP2
  • Urbanest UK Minories Nominee

Loan description

Bank of China (UK) provides secured loan to Urbanest UK Minories Nominee and Urbanest UK King's Cross MT GP2 for working capital purposes

Interest type•Unknown

Collateral

Secured over unknown assets under a fixed charge and over the receiving agency's properties and undertakings under a floating charge.

Narrative

Full Description

Project narrative

On June 20 and October 7, 2013, the Bank of China (UK) (BOCUK), the Bank of China's (BOC) British subsidiary, provided a secured loan to Urbanest UK Minories Nominee and Urbanest UK King's Cross MT GP2 for working capital purposes. Urbanest is a student accommodation operator and developer which had a portfolio of 2520 beds in 2017. The loan was secured by fixed and floating charges. Other financial details about the loan are currently unknown. On October 25, 2017, this loan, along with two other bilateral loans, were refinanced by Urbanest by a GBP 350 million senior facility between the developer a consortium of M&G Investments and Aviva Investors Real Estate Finance, secured against Urbanest's portfolio. It is currently unknown whether Bank of China (UK) continued to engage in further business with Urbanest after this point.

Staff comments

1. The Chinese title for this project is '伦敦厄本尼斯特高档公寓贷款项目', according to the Bank of China's website.