ING and Delancey Real Estate have agreed to provide a £135m loan to refinance the Notting Hill Gate Estate, W11.
ING provided most of the funding while Delancey contributed a £38m junior loan through its private credit strategy.
The estate is owned by a joint venture between Frogmore and a fund advised by Morgan Stanley Real Estate Investing and spans more than 185,000 sq ft.
Frogmore and MSREI acquired the site for £220m from Lasalle Investment Management and Pears Property in 2015. ING has served as a lender against the estate since that deal. Delancey owned a stake in the estate from 2004 to 2010 through the Metro Shopping Fund.
Samuel Ellis, head of origination for UK real estate at ING, said: “Since ING financed the acquisition of the 1950s estate in 2015, it has been modernised into a high-quality, mixed-use asset. We look forward to continuing our long-standing partnership with Frogmore and MSREI to drive further success in the Notting Hill area of central London.”
Martin Kom, director of debt strategies at Delancey, said: “This transaction marks a continuation in our strategy of working with high-quality sponsors to finance prime-located assets that are underpinned by strong transport connectivity.”
Andrew Rogers, chief operating officer and group treasurer at Frogmore, said: “The ongoing support of our long-standing lender, ING, alongside Delancey, will enable us to continue the repositioning and improvement journey we started in 2015. Both lenders have demonstrated their commerciality and commitment to high-quality assets, in strong locations, backed by good sponsors, even in a challenging market.”
Image from Delancey Real Estate
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