Overview

China Construction Bank provides a £50 million GBP loan to Greenland Hertsmere (London) for unspecified purposes

Commitments (Constant USD, 2023)$68,544,496

Commitment Year•2017Country 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: Mar 30, 2017

Last repayment (originally scheduled): Oct 12, 2018

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project was to be used unspecified purposes, likely related to the Hertsmere House development project (later known as Spire London), a residential tower in London. More detailed locational information can be found at https://www.openstreetmap.org/way/360734006.

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

China Construction Bank Corporation (CCB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Greenland Hertsmere (London) Limited

Collateral providers

Joint Venture/Special Purpose Vehicles

Greenland Hertsmere (London) Limited

Loan description

China Construction Bank provides a £50 million GBP loan to Greenland Hertsmere (London) for unspecified purposes

Interest rate (t₀)•3.0997%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•1.5 years

Collateral

This loan was secured by a first legal mortgage on the freehold property of Hertsmere House, 2 Hertsmere Road, London E14 4AA (Title Number EGL519536) charged by Greenland Hertsmere (London) Limited on April 18, 2017.

Narrative

Full Description

Project narrative

On March 30, 2017, the London Branch of China Construction Bank Corporation (CCB) signed a £50,000,000 GBP facility agreement with Greenland Hertsmere (London) Limited — an England and Wales-incorporated property development company and special purpose vehicle (SPV) for the Hertsmere House development project wholly owned by Chinese state-owned real estate company Greenland Holding Group Overseas Investment Company Limited (via subsidiary Greenland (United Kingdom) Investment Limited), a division of Greenland Holdings Corporation Limited — for unspecified purposes, likely related to the Hertsmere House (later known as Spire London), a residential tower in London. This loan carried a final maturity date of October 12, 2018 (a maturity period of approximately 1.5 years) and an interest rate of LIBOR plus a margin of 2.6%. This loan was secured by (i.e. collateralized against) a first legal mortgage on the freehold property of Hertsmere House, 2 Hertsmere Road, London E14 4AA (Title Number EGL519536) charged by Greenland Hertsmere (London) Limited on April 18, 2017. This charge was satisfied on October 17, 2018.

Staff comments

1. A 6-month LIBOR was assumed. The average 6-month GBP LIBOR for March 2017 was 0.49970%. Therefore, the interest rate has been coded as 0.49970% + 2.6%, or 3.0997%. 2. Based on the charge being satisfied shortly before the final maturity date, AidData has assumed the borrower repaid this loan after disbursement and marked the project_status field as Completion.