ICBC contributes £65 million GBP to a £130 million GBP syndicated loan to Frogmore Real Estate Partners III for the acquisition of the Notting Hill Gate Estate

Project narrative

In 2015, the Industrial and Commercial Bank of China (ICBC) and ING Group N.V. entered into a £130 million GBP medium-term loan agreement with Frogmore Real Estate Partners III, L.P. (FREP) — an investment fund managed by Frogmore Real Estate Partners Investment Managers Limited, a British real estate fund manager — to finance the acquisition of the Notting Hill Gate Estate in west London. ICBC and ING each contributed 50% (£65 million GBP) to the loan syndicate; ING was the arranger, and it syndicated the portion to ICBC. In April 2015, Frogmore offered to purchase the four-building £250 million GBP Notting Hill Gate Estate, consisting of 120,000 square feet of shops and 42,000 square feet of offices from Pears Group and LaSalle Invest Management. Frogmore purchased the property for £215 million GBP; the acquisition was completed on or around June 26, 2015.