Frogmore and a fund advised by Morgan Stanley Real Estate Investing (MSREI) have completed the £135m refinancing of the Notting Hill Gate Estate with ING and Delancey Real Estate.
ING, which has been a lender to the estate since 2015, provided the majority of the funding and Delancey contributed a £38m junior loan through its private credit strategy.
Delancey previously had an ownership position in the 185,000 sq ft mixed-use estate between 2004 and 2010 through the Metro Shopping Fund on behalf of clients.
Samuel Ellis, head of origination, UK real estate at ING, said: “We’re proud that ING has played a pivotal role in transforming the Notting Hill Estate over the past decade. 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, added: “We are very privileged to have the opportunity to work with such high-profile sponsors in Frogmore and MSREI. 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. The Notting Hill Gate Estate is an asset we know intimately from our previous ownership experience, and we are pleased to be involved in such a unique site once more.”
Andrew Rogers, chief operating officer and group treasurer at Frogmore said: “Frogmore and our partners MSREI, are delighted to have completed the refinance of this unique freehold estate, with ING and Delancey. The ongoing support of our longstanding 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. We look forward to working with them both to deliver our business plan.”
