Debt

ING and DBS Provide £1.016bn Development Loan for One Spitalfields Redevelopment

J.P. Morgan Asset Management has secured a £1.016bn development loan from ING Bank and DBS Bank to refurbish One Spitalfields at 1-10 Bishops Square, City of London. The two banks have underwritten the facility equally. DBS is global coordinator, and both banks are mandated lead arrangers, bookrunners and green loan coordinators.
Institutional investors advised by J.P. Morgan Asset Management have agreed terms to pre-let 465,000 sq ft to Jane Street. The deal was announced last week.
The current tenant plans to vacate in May 2027, after which J.P. Morgan Asset Management will begin a comprehensive redevelopment, with completion expected in 2029. The scheme targets EPC A and BREEAM Outstanding.

ING Bank and DBS Bank have jointly underwritten a £1.016 billion green development loan to fund the comprehensive retrofit and modernisation of One Spitalfields at 1–10 Bishops Square in the City of London. Delivered by J.P. Morgan Asset Management on behalf of institutional investors, the project involves retaining the building’s structural frame while transforming the asset into over 700,000 sq ft of Grade A workspace across 11 floors. The debt facility follows a major leasing milestone late last week, in which quantitative trading firm Jane Street signed an off-plan pre-let for 465,000 sq ft to serve as its long-term London headquarters. Incumbent occupier A&O Shearman is scheduled to vacate the premises by May 2027, paving the way for construction work ahead of planned practical completion in 2029.

Landsec Exchanges on £211m Sale of 123 Victoria Street to SevenCapital Subsidiary

* 123 Victoria Street, London SW1 — a mixed-use office and retail building comprising 244,963 sq ft, featuring a prominent 170-metre retail frontage. * Exchanged for £211 million (~£861 psf) at a net initial yield of approximately 7.8%, following an initial asking price of £265 million. Land Securities Group

City of London Corporation Clears Major Hurdle as Government Backs City Plan 2040

* Housing Minister Matthew Pennycook has officially withdrawn the government's ministerial direction, accepting the Planning Inspectorate's recommendation to back the City of London Corporation’s spatial strategy. * Provision for at least 1.2 million sq m (approx. 12.9 million sq ft) of additional office pipeline concentrated

Jane Street Pre-Lets 465,000 Sq Ft at J.P. Morgan's One Spitalfields Ahead of Major Redevelopment

* JP Morgan Asset Management has pre-let approximately 465,000 sq ft at its One Spitalfields development in the City of London to quantitative trading firm Jane Street * Jane Street will roughly double its existing London footprint, moving from its current premises at Devonshire Square once redevelopment completes, expected in

Mirae Asset Places 20 Old Bailey on Market for £254 Million

* Mirae Asset Global Investments has put 20 Old Bailey back on the market through Cushman & Wakefield at a guide price of £254,100,000, reflecting a 5.75% net initial yield * The Korean institutional investor bought the freehold from Blackstone in 2018 for £340m, following a comprehensive repositioning of

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Landsec Exchanges on £211m Sale of 123 Victoria Street to SevenCapital Subsidiary

City of London Corporation Clears Major Hurdle as Government Backs City Plan 2040

Jane Street Pre-Lets 465,000 Sq Ft at J.P. Morgan's One Spitalfields Ahead of Major Redevelopment

Mirae Asset Places 20 Old Bailey on Market for £254 Million