ING and Landesbank Baden-Württemberg (LBBW) have completed the £400 mln (€463 mln), five-year refinancing of 110 Bishopsgate in the City of London. LBBW and ING acted as joint bookrunners.
ING, LBBW and SMBC also acted as joint mandated lead arrangers with several other banks joining the syndicate as well.
110 Bishopsgate is a 459,000 ft2 (42,600 m2) prime office tower on a freehold island site. Rising to a height of 755 ft (230 m), it is one of the tallest buildings in London’s financial district.
Craig Prosser, head of UK real estate, LBBW, said: '110 Bishopsgate is an iconic London building and we are thrilled to have refinanced this property and to continue to support our valued clients.'
110 Bishopsgate was originally financed in 2016 by ING and LBBW and subsequently syndicated to a number of mostly Asian banks.
Salesforce, the fourth largest software company in the world, occupy 11 floors with the remainder tenanted to a wide variety of commercial organisations. The building is owned by a consortium of investors including Heron International.
Nicholas Lawson, director, real estate finance, ING, said: 'We are delighted to have refinanced 110 Bishopsgate, a high-quality asset and a great testament to the future of office real estate in London’s leading financial centre.'
The bank consortium was legally advised by Baker McKenzie, CMS acted as the borrower’s legal counsel and Capital Real Estate were advisors to the non-Heron investors. Savills and CBRE’s are the building joint letting agents.
