Advising DBS and ING on £1bn financing for major London office redevelopment

We have advised DBS Bank and ING Bank on the Jersey law aspects of a £1.016bn development financing in connection with the redevelopment of Bishops Square, one of the City of London's most prominent office and retail estates.
 
The financing, which was equally underwritten by DBS and ING, will support the comprehensive transformation of Bishops Square into a leading sustainable office development, delivering more than 700,000 sq ft of premium office space targeting EPC A and BREEAM Outstanding certification. The project is being developed by J.P. Morgan Asset Management and is supported by a significant pre-let agreement for 465,000 sq ft of office space.
 
We worked alongside Stephenson Harwood, which acted as English legal counsel to the lenders. Our team advised on the Jersey aspects of the transaction and was led by Jersey Banking & Finance partner James Lydeard and included senior associate Rebecca Lever and associate Sarah McDonald.
 
James Lydeard said: 'The successful completion of this £1bn-plus financing marks an important milestone for a flagship London redevelopment project. It reflects both the enduring appeal of high-quality office assets and the ability of Jersey structures to support complex international financings. We were pleased to advise DBS and ING on the Jersey aspects of this significant transaction and to work alongside Stephenson Harwood to help deliver a successful outcome.'