This website uses cookies to ensure you get the best experience on our website. MORE INFO
This website uses cookies to ensure you get the best experience on our website. MORE INFO

Swire Properties and Sino-Ocean Land (3377) secure RMB2.5 Billion Syndicated Loan for Beijing INDIGO Project

19 Mar 2010

Swire Properties and Sino-Ocean Land (3377) secure RMB2.5 Billion Syndicated Loan for Beijing INDIGO Project

Swire Properties Limited and Sino-Ocean Land jointly announce that they have entered into an agreement for a syndicated loan with Industrial and Commercial Bank of China Limited (“ICBC”), Beijing Branch and Bank of China Limited (“BOC”), Beijing Branch for their joint-venture company, Beijing Linlian Real Estate Company Limited (“Beijing Linlian”). A signing ceremony was held in Beijing today.

The RMB2.5 billion 15-year syndicated loan will provide funds for Beijing Linlian for use in the development and construction of a retail-led mixed-use property project located in Jiang Tai, Chaoyang District.

“We are pleased to have concluded this transaction with ICBC and BOC,” said LI Ming, Chief Executive Officer of Sino-Ocean Land. “It demonstrates the banks’ confidence in our project, which, I am sure, will become a world-class shopping and leisure destination upon its completion."

Along with its satisfactory construction progress, the project has recently acquired its official name – INDIGO in English and 頤堤港 in Chinese.

“INDIGO is a colour communicating depth and vibrancy. It represents a fashionable place filled with energy, an upmarket destination offering an aspirational lifestyle,” said Martin Cubbon, Swire Properties’ Chief Executive. “Its Chinese name conveys pleasure and refinement, a harmonious state of mind close to nature. We aim to offer an outstanding shopping, entertainment, business and hospitality experience at INDIGO.”

With a site area of approx. 59,000 sqm (631,000 sq ft), INDIGO has a total floor area of 176,000 sqm (1.89 million sq ft) 1 and comprises a premium shopping centre, an office tower and a lifestyle business hotel with over 360 guest rooms. The project is due for completion in phases from 2011.

1 Gross floor area in respect of 100% of the investment properties excluding car park areas and not on an attributable basis.