ING and DBS Secure £1.016bn Green Development Loan for One Spitalfields Refurbishment

ING Bank and DBS Bank have underwritten a £1.016 billion development loan to finance the refurbishment of One Spitalfields in the City of London. For fintech and banking professionals, this massive green-linked facility signals a robust appetite for high-value, sustainable real estate projects despite broader economic pressures, highlighting the critical role of structured finance in urban decarbonisation.

What was announced

The £1.016 billion facility is a development loan dedicated to the comprehensive modernisation of One Spitalfields, a landmark office site located at 1–10 Bishops Square. The project is being delivered on behalf of institutional investors advised by J.P. Morgan Asset Management. Rather than a full demolition, the development will retain the building’s existing structural frame while upgrading the property to provide over 700,000 sq. ft. of office space across 11 storeys.

The transaction is notable for its scale and its focus on environmental standards, targeting an EPC A rating and BREEAM Outstanding certification. The financial risk is mitigated by a significant pre-let agreement covering 465,000 sq. ft. of the available space, ensuring long-term occupation for a large portion of the asset before the refurbishment is even complete.

In terms of the banking structure, the facility was equally underwritten by ING Bank and DBS Bank. DBS Bank served as the Global Coordinator for the deal. Both institutions acted as Mandated Lead Arrangers, Bookrunners, and Green Loan Coordinators. This arrangement underscores the increasing importance of "Green Loan" frameworks in large-scale commercial real estate financing, where lenders and borrowers align on specific sustainability benchmarks for the duration of the project.

"This financing represents one of the largest development loans originated in the London office market. The strong lender appetite and availability of financing for this process is a clear demonstration of the team’s proven track record in executing large-scale development projects, as well as continued flight-to-quality, as lenders prioritise prime assets in prime locations anchored by institutional tenants."

Michael Ramm, Head of JPMAM European Real Estate.

The companies involved

J.P. Morgan Asset Management, which advised the investors on this project, operates in the investment management sector. The firm manages assets for a diverse range of institutional and retail clients, focusing on large-scale development projects and prime assets. Michael Ramm serves as the Head of JPMAM European Real Estate.

DBS Bank is a financial services group that has been active in integrating technology and sustainability into its corporate banking operations. Diane Wonfor serves as the Executive Director and Head of London Real Estate at DBS Bank. The institution has a presence in the London real estate market, frequently acting as a coordinator for major multi-bank transactions.

ING Bank provided half of the underwriting for the One Spitalfields facility. The bank’s real estate arm, ING Real Estate, where Jennie Norman serves as Director, focuses on financing projects that contribute to the transition of the commercial property market. Both DBS and ING have established themselves as players in the "green" financing space, coordinating facilities that require specific environmental reporting and compliance.

What FF News has reported before

FF News has closely followed the strategic moves of the institutions involved in this transaction. Recently, we reported on QIA and J.P. Morgan Launch Landmark $20 Billion Strategic Investment Partnership, which highlighted J.P. Morgan Asset Management’s capacity for large-scale capital deployment. DBS Bank has been particularly active in the fintech and innovation space. We covered how DBS Deploys Agentic AI to Automate Credit Assessments for 1,500 Corporate Bankers, a move that streamlines the very type of corporate lending seen in the One Spitalfields deal. Additionally, DBS’s involvement in environmental markets was evidenced by our report on how Climate Impact X and Carbonplace to Merge, Creating Global Infrastructure for Environmental Markets. Other recent coverage includes DBS Bank India Partners with Juspay to Enhance DBS MAX Merchant Payments.

What this means

This billion-pound facility confirms that the "flight-to-quality" in commercial real estate is no longer just a trend, but a requirement for securing top-tier financing. The market is under immense pressure to reconcile the high cost of capital with the urgent need for decarbonisation. By opting for refurbishment over new builds, lenders are effectively de-risking assets against future "brown discounts" and tightening environmental regulations. This deal raises a critical question for the sector: will smaller developers, lacking the institutional backing of a J.P. Morgan, be priced out of the green transition as banks concentrate their balance sheets on only the most prestigious, pre-let sustainable assets?