ING and LBBW provide £325 million facility to refinance Sea Containers
ING and Landesbank Baden-Württemberg (LBBW) together provided a £325 million loan backing the refinancing of Sea Containers, one of the most prominent buildings on the south bank of the Thames, a major cultural centre for the City of London.
The recently refurbished and upgraded property comprises the Mondrian London at Sea Containers, a 359-bed lifestyle hotel managed by Morgans Hotel Group, as well as circa 290,000 square feet of grade A office space fully let to companies including Ogilvy & Mather, a leading communications company that will base its European headquarters in the building, WeWork and Puma.
Thorsten Schönenberger, head of Landesbank Baden-Württemberg’s (LBBW) commercial real estate finance, said: “LBBW is very pleased to have jointly arranged this prestigious large-ticket financing. We are proud to have completed this financing on a prime asset in a strong and exciting location benefitting from excellent quality sponsorship. This underlines LBBW’s commitment to the London commercial real estate market and its ability to provide large-ticket underwritings.”
Michael Shields, ING’s head of Real Estate Finance W. Europe, UK, USA and structured products, said: “We are very pleased to continue our financing of this London icon. From the beginning, we have always believed that this property's transformation would be highly successful and we are proud to have supported the project from the very beginning.”
Margin and other details of the transaction were not disclosed. No syndication of the debt is planned.
ING Real Estate Finance
ING Real Estate Finance (ING REF) is one of the leading commercial real estate financiers with a portfolio of around € 24 billion. REF is part of ING Group and provides global coverage to clients from offices throughout Europe and Asia.
Landesbank Baden-Württemberg (LBBW) is both a commercial bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. Its business model is based on five pillars and comprises the full array of services for corporate customers, private customers, savings banks, real estate companies and financial investors. LBBW offers tailor made and innovative financing solutions for all kinds of large scale real estate investments in its core markets Germany, UK and the U.S.