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Mtc Global Group Secures Development Financing For Beijing Logistics Park

Mtc Global Group Secures Development Financing For Beijing Logistics Park

MTC Global Financial Services today announced that Industrial and Commercial Bank

of China (ICBC) has approved terms for the provision of RMB170,000,000 of development finance for MTC Global Groups Beijing Logistics Park project to facilitate the commencement of construction in the first quarter of 2012.

100% owned by MTC Global Group, the Beijing Logistics Park development is located immediately adjacent to the Beijing Capital International Airport and comprises a parcel of prime industrial land with a site area of approximately 91,000 square meters. The site forms part of the Beijing Airport Logistics Park (the only central logistics park in Beijing, which also features seamless airport-highway cargo transport) and 75,000 square meters of international standard logistics warehouse facilities is planned to be developed with completion scheduled for the fourth quarter of 2013.

This new ten year loan facility will be used to finance the development cost including capitalized interest and a subsequent holding period to maximize certainty in regard to the assets longer term operations. The completion of this new loan, together with the successful settlement of the USD 480 million multi-currency loan for City Center with ICBC in July of this year and the imminent settlement of the approximately USD120.0m Citic Ka Wah multi-currency facility for Central Plaza, further cements the strategic relationship MTC Global Group has formed with the PRC banking sector and brings full stability to MTC Global Groups existing asset portfolio with no further capital commitments or financing/refinancing arrangements required in respect of its development assets.

Beijing is a strategic market for MTC Global Group where it has recently relocated and expanded its own office accommodation to facilitate further business growth and expansion in this market. The logistics industry has seen robust growth over much of the past decade, benefiting from Chinas strong expansion in international trade. According to the latest CBRE market research report , by the end of the third quarter 2011, major prime logistics properties in Beijing reached almost full occupancy and the average rents edged up by 2.4%. It is anticipated that this upward trend will be more evident in the quarter of 2012 and continue throughout the year 2012 as a result of the widening gap between demand and supply for quality logistics space.

Mr. Shengli ZhouChairman and Chief Executive Officer commented, We are very pleased with the ongoing support from ICBC and the completion of this loan delivers certainty across the entirety of our development portfolio. As a total return vehicle, MTC Global Group strives to increase Unit-holder value through developing quality assets that offer significant rental yield growth and capital appreciation opportunities. Beijing Logistics Park meets these criteria whilst having as an underlying strength its unrivaled location complemented by the current scarcity of development opportunities for Beijings fast growing logistics industry.

by: thomas wright
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Mtc Global Group Secures Development Financing For Beijing Logistics Park