Bank of China, HSBC & ING complete UK's largest real estate financing

Bank of China (Hong Kong), HSBC and ING Bank closed the UK’s largest real estate financing deal when they jointly acted to secure the financing for CC Land’s £1.15bn acquisition of the Cheesegrater earlier this year.

The three leading banks acted as joint mandated lead arranger, joint bookrunner, joint coordinator and joint hedge coordinator, providing financing for the acquisition of The Leadenhall Building by the Hong Kong-listed real estate company in thew deal which completed in late May.

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 £1.17bn.

Dickie Wong, deputy chairman and executive director at CC Land, said “We are very pleased in working with ING, HSBC and Bank of China (Hong Kong), amongst many willing banks and financial institutions, for the transaction of The Leadenhall Building.

“This strengthens our confidence in the long term London property market and we will continue to look for potential investment opportunities in this city, especially on those trophy and iconic buildings similar to The Leadenhall Building.”

Mike Shields, head of real estate finance UK, USA & Asia added that ING Bank were “extremely proud to have been selected to co-lead the financing”, while Phoebe Tse, general manager of the commercial banking department at Bank of China (Hong Kong) said BOCHK were able demonstrate its “unique capabilities of supporting financing projects globally” on the deal.

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