Stephenson Harwood advises DBS and ING on £1 billion loan for landmark London office

Law firm Stephenson Harwood LLP has advised DBS Bank and ING Bank on a £1.016 billion development loan to finance the comprehensive refurbishment of Bishops Square, a landmark office and retail estate in the City of London.

Stephenson Harwood’s Real Estate Finance team advised both banks on all finance, real estate, construction, planning and tax work streams.

The facility, equally underwritten by DBS and ING, will support the transformation of Bishops Square which currently houses law firm A&O Shearman. The development will deliver over 700,000 sq ft of world-class office space targeting EPC A and BREEAM Outstanding certification.

DBS acted as Global Coordinator, while DBS and ING served as Mandated Lead Arrangers, Bookrunners and Green Loan Coordinators. The project is being developed by J.P. Morgan Asset Management and the transaction is underpinned by a significant pre-let of 465,000 sq ft. This is the largest off-plan pre-let in the City of London in more than a decade and reflects the increasing demand across the City for premium office space.

“We are delighted to have advised DBS and ING, two of our longstanding real estate lender clients, on the financing of this landmark City development,” said Finance Partner George Vaughton. “This transaction highlights the strength of our dedicated real estate finance team in London. By combining deep sector knowledge with the multi-disciplinary expertise of our wider Private Capital and Funds sector team, we are able to support our clients on complex, high-value financings in an ever-evolving market.”

Commenting on the transaction, Stephenson Harwood Real Estate Partner Archie Campbell said, “Advising on a loan of this size, for one of the largest refurbishments in the London office market, underscores the continued appetite for investment in prime assets in the City.”

The Stephenson Harwood team was led by Finance Partner George Vaughton and Real Estate Partner Archie Campbell. Support was provided by Finance Managing Associate Will Rowling and Associate Gabriel Goh, Real Estate Associate Anna Prebble, Construction Partner Matt Pearson, Tax Partner John Meehan and Associate Ruth Hainsworth, Planning Partner Feroze Abbas and Managing Associate Rebecca Daniels.