DBS Bank and ING Bank provided a S$1.72 billion development loan for the refurbishment of One Spitalfields in the City of London. The amount was converted from £1.016 billion at the exchange rate on September 30. DBS and ING underwrote the facility equally.
DBS acted as global coordinator, while both lenders served as mandated lead arrangers, bookrunners and green loan coordinators. The development is being delivered on behalf of institutional investors advised by J.P. Morgan Asset Management. Property-data group CoStar separately reported the £1.016 billion financing by ING and DBS.
LOAN BACKS LARGE OFFICE REFURBISHMENT
The project will retain the building's structural frame while upgrading the property to provide office accommodation for long-term occupation. DBS said the refurbished 11-storey property would provide more than 700,000 square feet of office space.
The building is targeting an EPC A rating and BREEAM Outstanding certification. Quantitative trading firm Jane Street has agreed terms to occupy 465,000 square feet. DBS said the transaction is underpinned by a significant pre-let to Jane Street.
GREEN LOAN TARGETS PRIME LONDON ASSET
J.P. Morgan Asset Management described the transaction as one of the largest development loans originated in London's office market. DBS said the financing reflects its longstanding relationship with J.P. Morgan Asset Management. ING said the project has clear and ambitious environmental targets built into it.
Building magazine reported that the works are due to be carried out by Multiplex. The banks did not disclose pricing or the facility's maturity in the announcement.