A syndicated loan to fund the building of Taipei’s next landmark shopping and entertainment complex in the Xinyi District (信義) has been oversubscribed twofold, Yuanta Commercial Bank (元大銀行) said yesterday.
Yuanta, which acted as the lead bank, said that the syndicated loan closed 195 percent oversubscribed, attracting NT$40.05 billion (US$1.326 billion) in total from nine other local lenders and financial institutions, exceeding the original target of NT$20.55 billion.
Participants expressed confidence in the flagship development, which is to house upscale hotels, flagship stores of luxury brands and a theater, the bank said.
The project is to be built on the site of CTBC Financial Holding Co’s (中信金控) former headquarters in the premium district, which was in 2015 sold to private equity investment firm Riant Capital Ltd (子樂投資) for NT$15.12 billion.
Construction is to be overseen by Grand River Development Ltd (碩河開發), a firm managed by Riant Capital.
Grand River Development has contracted Italian architecture firm Antonio Citterio Patricia Viel and Partners to design the complex, which is to take its cues from streets such as Tokyo’s Omotesando and New York City’s Fifth Avenue.
The project is expected to become the second-tallest building in the district and will also feature a performance hall to replace Novel Hall (新舞台), a performance venue adjacent to the former CTBC headquarters that was in 2013 designated a cultural heritage site by the Taipei City Government.
Since December of last year, the project’s site has been home to the A7 Commune, an outdoor food market and product showroom venue also built by Grand River.
In related news, Yuanta said that it would fully complete its integration of Ta Chong Bank Ltd (大眾銀行) by Jan. 1 next year and offer customers an expanded array of services, after acquiring the southern lender in a NT$56.55 billion deal in 2015.
Following the integration, Yuanta expects to see its total assets grow to NT$1.36 trillion, ranking it seventh among its domestic peers, parent company Yuanta Financial Holding Co (元大金控) said.
Yuanta Financial reported that net income in the first nine months of the year rose 21.9 percent annually to NT$12.69 billion.
Earnings per share were NT$1.09 over the period.
In the first nine months, Yuanta Commercial Bank posted net income of NT$5.04 billion, while Ta Chong Bank reported NT$251.02 million in losses.
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