ING sole lender of €40m for landmark buildings in Lisbon

ING has closed a €40m term loan to refinance three adjacent landmark office buildings in Lisbon, Portugal. ING acted as sole lender to three different SPVs that hold one asset each. Sponsor of the three SPV’s is Global Asset Capital, a private equity and venture capital firm specialised in structured finance and real estate.

The offices are located at the Marques de Pombal roundabout, which is the main entrance of Lisbon’s downtown. The buildings are therefore some of the most well-known office buildings in the city.

Marques de Pombal 12 (5,420 sqm office GLA and 240 sqm retail unit); Marques de Pombal 13 (3,131 sqm office GLA and two retail units); and Camilo Castelo Branco 45 (5,921 sqm GLA) are leased to quality tenants and have long term leases.

The financing of the Marques de Pombal office building is the first office financing for ING in Portugal.

Julian Bravo, responsible for ING Real Estate Finance Iberia explains: “The Portuguese market is a very relevant market for ING REF Iberia. We benefit from a significant pipeline under execution of commercial real estate financings amounting c. €300m (retail and offices).”