ING has completed the refinancing of Notting Hill Gate Estate in London, on behalf of UK asset manager Frogmore and its joint venture partner Morgan Stanley. The refinancing loan size was £177 mln (€208 mln), maturing in 2023.
ING acted as MLA, senior lender, and agent. Windmill, advised by Global Holdings, acted as junior lender.
Notting Hill Gate Estate is a mixed-use freehold estate, comprising circa 197,000 ft2 (18,300 m2) of buildings set on 3.11 acres (12,550 m2) located in Notting Hill Gate, a cosmopolitan area of West London.
The real estate forms a portfolio of four blocks with the retail accommodation making up over half of the whole of Notting Hill Gate’s retail frontage, together with re-developed offices and a new 274 bed hotel which is currently under construction. Notting Hill Gate is linked via the London underground network with a heavy footfall due to its attractiveness as a residential area and popularity with tourists.
Sam Ellis, real estate finance director, ING, said: 'We are delighted to have completed the refinancing of this high-quality asset in partnership with Global Holdings.
'This transaction demonstrates the liquidity of the capital markets, the value of our long-standing client relationships and expertise in completing complex transactions in unprecedented market conditions.'
Andy Rogers, COO & group treasurer, Frogmore, said: 'Completing this refinancing with ING and Global Holdings during the unprecedented disruption of the Covid 19 pandemic clearly demonstrates the compelling nature of the real estate, the strong business plan and the strength of the long-term relationship we enjoy with the lenders.
'We look forward to delivering the next phase of this exciting re-development of the estate and continuing to improve the area for occupiers, the local community and visitors to Notting Hill Gate.'
The lending consortium was advised by Stephenson Harwood, Windmill was advised by Mishcon de Reya and CMS acted for the borrower.