ING completes UK’s largest real estate financing deal

Bank of China (Hong Kong), HSBC and ING closed one of the UK’s largest real estate financing deals by securing the finance for the acquisition of The Leadenhall Building, otherwise known as the ‘Cheesegrater’, a 46-storey landmark prime iconic real estate in London.

The three leading banks acted as Joint Mandated Lead Arranger, Joint Bookrunner, Joint Coordinator and Joint Hedge Coordinator by providing financing for the asset which was bought earlier this year for £1.15 billion by C C Land Holdings Limited, a Hong Kong listed real estate company. It was the largest acquisition of a single building in the UK since December 2014, when the HSBC Tower in Canary Wharf was acquired for £1.174 billion, and demonstrates the continued global investor interest in London’s strong real estate market.

Mike Shields, Head of Real Estate Finance UK, USA & Asia, ING Bank said “We are extremely proud to have been selected to co-lead the financing of such a high quality sponsor and asset. This transaction demonstrates our expertise in financing landmark office properties and is a perfect mix of our leading UK real estate finance franchise and ING's extensive network in Asia."