ING provides £108.9m underwriting for New Bond Street acquisition
ING Real Estate Finance has solely underwritten a five year, £108.9m investment loan facility to support the costs of its clients acquiring 47-50 New Bond Street, London – an acquisition that represents one of the largest transactions on Bond Street since June 2014.
Oxford Properties, Richemont and Crown Acquisitions acquired the mixed use retail and office building – home to the flagship store of luxury retailers – in a joint venture last month. ING acted as mandated lead arranger, facility agent, hedge counterparty and account bank, and is in the process to syndicate a portion of the loan financing.
47-50 New Bond Street is a prime 48,000 sq ft, mixed use retail and office building, offering highly specified Grade A office space and spectacular ground floor, high end retail units. It was completely redeveloped in 2009, with a portion of the original Victorian façade being retained. The asset is in the heart of the globally-recognised, luxury shopping district in Mayfair.
ING Wholesale Banking’s REF Global Management Team member and Head of REF UK, USA and APAC, Michael Shields said: “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. “ING’s Real Estate Finance team is well-known for swiftly executing major financings and delivering personalised, bespoke services to our clients. We have a strong global relationship with the joint venture and are delighted to be able to support them in such a prestigious project. Our track record on these key global relationships speaks for itself and we are very proud of this latest deal with these excellent sponsors.”