ING Real Estate Finance has solely underwritten a £108.9 mln (€130 mln) five-year loan for one of the largest acquisitions on London's New Bond Street for two and a half years.
The loan was granted to Oxford Properties, part of Canadian pension group OMERS, and its joint venture partners, Swiss luxury goods company Richemont and US-based Crown Acquisitions, for the acquisition last month of 47-50 New Bond Street.
The 4,460 m2 building Grade A office space and high-end retail units. It was completely redeveloped in 2009, with a portion of the original Victorian façade being retained.
Amsterdam-based ING Real Estate Finance acted as mandated lead arranger, facility agent, hedge counterparty and account bank, and is in the process of syndicating a portion of the loan financing for the deal. The Dutch financier said this was one of the largest real estate investment transactions on New Bond Street since June 2014.
'ING REF is delighted with the addition of this prominent asset to its West End financing portfolio – the fact that it was acquired and financed after the June Brexit referendum result demonstrates the attractiveness of the asset as well as our continuing activity in the senior debt markets,' said Michael Shields, head of UK, US and APAC at ING Real Estate Finance.
