ING, DBS and Bank of Communications finance 10 Aldermanbury OBO
ING Bank together with Bank of Communications and DBS Bank has announced that it has completed the financing of 10 Aldermanbury, London, on behalf of a fund managed by J.P. Morgan Asset Management. 10 Aldermanbury is a 324,000 square foot office building located on Gresham Street in the heart of the City of London. The building is let on a 25-year lease expiring in June 2025, however all the offices have been sub-let to seven different occupiers.
The partnership of ING Bank, Bank of Communications and DBS Bank highlights the extensive liquidity in the London real estate finance sector from a range of financial institutions across the globe. This also represents the first real estate transaction between these three banks and J.P. Morgan Asset Management in Europe.
Nicholas Lawson, Director, Real Estate Finance, ING Bank, “We are delighted to have led the financing of 10 Aldermanbury. This transaction demonstrates ING’s capabilities to lead financing for landmark real estate transactions in London and highlights the strength of our client relationships across multiple sectors and regions.”