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.