ING Bank and DBS Bank have provided a £1.016bn development loan for the refurbishment of One Spitalfields, a landmark office building in the City of London.
The loan is equally underwritten by the two banks. ING acted as mandated lead arranger, bookrunner and green loan coordinator, while DBS served as global coordinator, mandated lead arranger, bookrunner and green loan coordinator.
J.P. Morgan Asset Management advised the institutional investors behind the project.
One Spitalfields sits at 1-10 Bishops Square in the City of London and comprises an 11-storey development. The refurbishment will retain the building’s existing structural frame while upgrading it to what is described as world-class office accommodation.
Once complete, the building will provide more than 700,000 sq ft of office space, of which 465,000 sq ft is already pre-let. The project is targeting an EPC A rating and BREEAM Outstanding certification.
Jennie Norman, director at ING Real Estate, said: “The transition of existing buildings will play a vital role in improving the sustainability of the UK’s commercial property market. One Spitalfields shows how large-scale financing can support the modernisation of a major City asset.”
Michael Ramm, head of JPMAM European Real Estate, said: “This financing represents one of the largest development loans originated in the London office market. The strong lender appetite and availability of financing for this process is a clear demonstration of the team’s proven track record in executing large-scale development projects, as well as continued flight-to-quality, as lenders prioritise prime assets in prime locations anchored by institutional tenants.”
