Dutch lender ING has joined forces with China's Bank of Communications and Singapore's DBS Bank to finance 10 Aldermanbury in London, on behalf of a fund managed by J.P. Morgan Asset Management.
10 Aldermanbury is a 324,000 sq ft office building located on Gresham Street in the heart of the City of London. The building is let on a 25-year lease expiring in June 2025, however all the offices have been sub-let to seven different occupiers. JP Morgan bought the asset for £260 mln in 2010 on behalf of The Hong Kong Monetary Authority.
The deal highlights the extensive liquidity in the London real estate finance sector from a range of financial institutions across the globe. This also represents the first real estate transaction between these three banks and J.P. Morgan Asset Management in Europe.
Nicholas Lawson, director, Real Estate Finance, ING Bank, said 'We are delighted to have led the financing of 10 Aldermanbury. This transaction demonstrates ING’s capabilities to lead financing for landmark real estate transactions in London and highlights the strength of our client relationships across multiple sectors and regions.'
