LINK Asset Management Limited (Link), the manager of Link Real Estate Investment Trust announced April 8 that it has closed an A$443.95 million five-year secured loan with Australia and New Zealand Banking Group Limited (ANZ). It is the first loan that Link raised outside of Greater China and marked an important step for the company to expand business in Australia.
This bilateral loan is used to fund the company’s purchase of 100 Market Street in Sydney, the first real estate investment by Link in Australia which was approved by the Australian Foreign Investment Review Board. The loan was guaranteed by Link Properties Limited and The Link Holdings Limited and was secured by the property at 100 Market Street.
George Hongchoy, Link’s chief executive officer, says: “We are pleased to have signed the Australian dollar loan at an attractive rate on our first attempt of tapping into the domestic loan market in Australia. ANZ Bank has extended solid support in funding our pilot investment out of Hong Kong. It is a stepping stone for Link to establish a footprint in the real estate investment market in Australia.”
The acquisition of 100 Market Street was announced in December last year and was completed on April 7.