Brookfield Asset Management is negotiating with banks to refinance a $700 million loan that funded its purchase of an office tower in Shanghai five years ago, Bloomberg News reported Wednesday, citing people familiar with the matter.
The Canada-based asset manager purchased the property from Greenland Hong Kong (HKG:0337) in 2019, and the loan is due before the end of the year, according to the report.
The new package could reach more than $900 million, the report said.
Brookfield also snagged 1.96 billion yuan in a 15-year onshore loan from Bank of China (HKG:3988, SHA:601988) with an annual interest rate of 4%, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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